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
A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb ''emo, emere, emi, ...
,
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
Tag along rights (TARs) comprise a group of clauses in a contract which together have the effect of allowing the minority shareholder(s) in a corporation to also take part in a sale of shares by the majority shareholder to a third party under the ...
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Drag-along right Drag-along right (DAR) is a concept in corporate law, often encountered in the context of venture capital and private equity.
Under the concept, if the majority shareholder(s) of an entity sells their stake, the prospective owner(s) have the right ...
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Overall deal
A production company, production house or production studio is a studio that creates works in the fields of performing arts, new media art, film, television, radio, comics, interactive arts, video games, websites, music, and video. These groups ...
References
Film production
Intellectual property law
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