First look deal
Encyclopedia
A first look deal is an arrangement, usually in the film industry
, where either a company or in some cases an individual
enters into a commercial agreement
with a studio under which they must allow the studio the right of first refusal
in relation to developing and/or producing a project the individual or company is promoting. If the studio declines to take up the project, then it can be offered to other potentially interested parties.
Film industry
The film industry consists of the technological and commercial institutions of filmmaking: i.e. film production companies, film studios, cinematography, film production, screenwriting, pre-production, post production, film festivals, distribution; and actors, film directors and other film crew...
, where either a company or in some cases an individual
Natural person
Variously, in jurisprudence, a natural person is a human being, as opposed to an artificial, legal or juristic person, i.e., an organization that the law treats for some purposes as if it were a person distinct from its members or owner...
enters into a commercial agreement
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
with a studio under which they must allow the studio the right of first refusal
Right of first refusal
Right of first refusal 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 transaction with a third party...
in relation to developing and/or producing a project the individual or company is promoting. If the studio declines to take up the project, then it can be offered to other potentially interested parties.