This is a long form literary option and purchase agreement between a purchaser and an owner of a non-fiction book or novel. It gives the purchaser the option to purchase the literary property in connection with a proposed motion picture based on the underlying book. This template includes practical guidance, drafting notes, and optional clauses. The purchaser may be an individual or production company that is optioning the literary property so that it can develop and produce the motion picture itself. Alternatively, the purchaser may intend to develop the literary property and seek a third party (such as a studio or production company) to acquire, or pick-up, the property and finance the production of the picture. The owner may be the creator of the literary property or someone, such as a producer or production company, who has previously acquired the literary property with the objective of obtaining an agreement with a studio or other financier to develop and/or produce a motion picture based on the property. The owner may also seek a position as a producer in connection with the production of the picture. A wide variety of materials can be the subject of an option and purchase agreement, such as: • Novels • Non-fiction books • Screenplays • Magazine articles Traditionally, long form option agreements were divided into two separate agreements: • Option agreement (which gives the purchaser the right to acquire a literary property within a specified period of time for a specified payment) • Purchase or acquisition agreement (which comes into effect when the option is exercised and the purchase price is paid) The tendency in short forms was to combine the two agreements, though leaving out important terms could create problems down the road for the parties. In recent years, however, it has become more common to combine the two agreements—option and purchase agreements—in one long form document, as done here. For more information on option and purchase agreements, see Entertainment Industry Contracts P 2.01, Entertainment Industry Contracts P 3.01, and Entertainment Industry Contracts P 4.01. For guidance on other motion picture related agreements, see Motion Picture Production Agreements and Documents.