Common use of Final Cost Report Clause in Contracts

Final Cost Report. SAMPLE Upon completion of principal photography, Producer must submit to SAG-AFTRA a detailed report of actual expenditures and other relevant materials as SAG-AFTRA may require, showing actual cost of the production. In the event that the actual production costs for the Picture have exceeded $700,000 (or $1,050,000 under the Diversity in Casting Incentive), full payment of any additional sums necessary to bring each Performer's rate of pay in compliance with the minimum rates specified in the SAG-AFTRA Letter Agreement for Low Budget Theatrical Pictures (hereinafter, "Low Budget Agreement") automatically become due and payable. However, if the actual cost of the Picture exceeds the budget limit specified in the Low Budget Agreement, the minimum rates, terms and conditions specified in the then- current Basic Agreement become due and payable instead. Pension and Health contributions must also be paid on these additional amounts.

Final Cost Report. SAMPLE Upon completion of principal photography, Producer must submit to SAG-AFTRA a detailed report of actual expenditures and other relevant materials as SAG-AFTRA may require, showing actual cost of the production. In the event that the actual production costs for the Picture have exceeded $700,000 (or $1,050,000 under the Diversity in Casting Incentive), full payment of any additional sums necessary to bring each Performer's rate of pay in compliance with the minimum rates specified in the SAG-AFTRA Letter Agreement for Low Budget Theatrical Pictures (hereinafter, "Low Budget Agreement") automatically become due and payable. However, if the actual cost of the Picture exceeds the budget limit specified in the Low Budget Agreement, the minimum rates, terms and conditions specified in the then- current Basic Agreement become due and payable instead. Pension and Health contributions must also be paid on these additional amounts.