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1. Development Rights: Grants rights to develop the work during the option period, used when optionee needs to prepare screenplays or other materials before exercising

2. First Look Rights: Gives rights holder first opportunity to be involved in future related projects, included when negotiated by rights holder

3. Credit Rights: Specifies how the original creator will be credited, important for high-profile works or when specifically negotiated

4. Profit Participation: Details any profit-sharing arrangements, used when rights holder negotiates backend participation

5. Right of First Refusal: Gives optionee priority rights for related works or sequels, included when future works are anticipated

6. Assignment: Allows or restricts the ability to transfer the option rights, included when assignment rights are specifically negotiated

7. Force Majeure: Provisions for unforeseen circumstances affecting performance, important in volatile production environments

1. Schedule A - The Work: Detailed description of the optioned work including full title, registration details, and synopsis

2. Schedule B - Rights Specification: Comprehensive list of rights included in the option and subsequent purchase

3. Schedule C - Payment Schedule: Detailed breakdown of all payments, including option fee, purchase price, and any additional payments

4. Schedule D - Chain of Title: Documentation proving ownership and right to grant option

5. Schedule E - Development Materials: List of any existing materials provided to optionee for development purposes

6. Appendix 1 - Copyright Registration: Copies of copyright registration certificates or other proof of ownership

7. Appendix 2 - Required Notices: Format and content of notices required for option exercise or other formal communications