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As of _____________________, 20__ [Artist’s Address inserted below] ________________________ ________________________ ________________________ Re: [Name of the project]“______________________” – Turnaround Agreement Dear _____________________[Name of Artist]: _______________________ (“Production Company”) has previously entered into an agreement with ____________ (“Artist”) regarding the development, writing and possible production of a [motion picture]/[television motion picture] entitled, “______________” (“Project”). Production Company incurred expenses during the development period, including expenses relating to the writing of a script and other materials prepared in connection with the Project (“Turnaround Property”). At this time, Production Company elects not to proceed with further development of the Project, and offers this Turnaround Agreement (“Agreement”) subject to the terms contained herein. 1. TURNAROUND: Upon execution of this Agreement, Artist shall have the exclusive right, for a ________ [month/year] period (“Turnaround Period”) expiring _______, 20___, to acquire all of Production Company’s right, title and interest in the Turnaround Property pursuant to the terms and conditions of this Agreement.
