Model Film Agreement Contract

If Purchaser does not complete principal photography of the Picture within seven (7) years after payment of the Purchase Price, all rights granted to Purchaser hereunder shall revert to Owner and Owner shall have no further obligation to Purchaser with respect to the Picture. Such reversion however shall not include any rights in and to all materials developed by Purchaser, all of which shall remain Purchaser's exclusive property.

Commentary

Reversion rights are as vital in this context as in the traditional publishing arena. This paragraph provides that if the purchaser doesn't complete principal photography on the piece within seven years, all rights granted under this agreement will revert to the Owner.