A first-look deal is any contract containing a clause granting, usually for a fee or other consideration that covers a specified period of time, a
pre-emption right,
right of first refusal
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transactio ...
, or right of first offer (also called a right of first negotiation) to another party, who then is given the first opportunity to buy outright, co-own, invest in, license, etc., something that is newly coming into existence or on the market for the first time or after an absence, such as
intellectual property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, co ...
(manuscript, musical composition, invention, artwork, business idea, etc.) or real property (real estate).
Film industry
In the film industry, a "first-look deal" is an agreement where a writer and an independent production company—or a production company and a film studio—arrange for the potential buyer (usually a producer or studio) to pay a development fee in exchange for the exclusive right to preview a script or project in development before it’s shown to others. This gives the buyer the first opportunity to purchase, distribute, or move forward with pre-agreed terms. If the buyer passes on the project, the developer is then free to pitch it to other potential buyers. If the studio or company is not interested in the project, the nature of the deal allows the developer to take the project to other potential buyers.
See also
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Tag-along right
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Drag-along right
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Overall deal
References
Film production
Intellectual property law
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