The co-production agreement also deals with the distribution of profits among producers. Provisions for reimbursement (cost cover) and the distribution of net profit between producers are provided for in the agreement. The right and obligations of the parties, such as the right to verify the production process and the keeping of accounts, are also part of the co-production agreement. Dispute settlement mechanisms and conditions for termination of co-production are also included in the agreement. The rental price of the site is an integral part of the agreement. Type, method payment period is also included. The whole process of cinematography is chronophetural, as time is one of the determining factors that influence the commercialization and success of the film. Previously, the film industry could not assert its rights due to the lack of written agreements. But now, the media and entertainment industry has undergone a significant change, as has legal awareness.
The industry takes its intellectual property and contractual rights seriously. Right now, complaints, litigation, and contentious issues are not strange to this robust industry. Legal agreements make it easier for parties to apply to the Tribunal and other dispute resolution mechanisms to protect their IP and contractual rights. There may be cases where a producer cannot pay the funds needed to finance a film project. In such cases, the producer collaborates with another producer or production company or establishes a link. Co-production agreements combine two or more producers for the creation of the film. India prides itself on being the world`s second largest film industry. Every year, a record number of more than 1200 Indian films are released, achieving an annual turnover of more than $180 billion. The frenetic process of cinema often involves an army of men working in the foreground and background in the industry. In addition, the art of making cinema involves a lot of promises, transactions and commitments. It is very important that these relationships be regulated by law. Hence the need for a large number of legal agreements throughout film creation.
The agreement should clearly mention the name of the film as well as the parts and purpose for which a co-production is made. The total budget of the project is agreed. In addition, the contribution of each Party shall be set out in this Agreement, together with time limits for obtaining such funds. If the other Party is entrusted with the role of exporting producer, this should be expressly mentioned in the Agreement. . . .
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