PRODUCTION SERVICES AGREEMENT between West Coast Pictures LLC (“WCP”) and KINGS ROAD ENTERTAINMENT INC. (“KRE”) (collectively the “Parties”)
between
West
Coast Pictures LLC (“WCP”)
and
KINGS
ROAD ENTERTAINMENT INC. (“KRE”)
(collectively
the “Parties”)
Further
to the SPA Addendum dated December 17, 2007 between the Parties, WCP agree,
until further notice, to identify, develop and produce KRE film assets for
the
benefit of KRE as follows:
Identify
Projects: WCP will identify specific film projects suitable for production
by
KRE and present these projects to KRE for acceptance.
Development
& Production: Those projects accepted by KRE will be developed by WCP in a
professional manner according to standards recognized in the film industry.
KRE
may require WCP to fulfill or assist in all typical development and producer
tasks including but not limited to script development, budgeting, identifying
key production personnel, casting and fund raising. This may include identifying
other producers and partners required for completion of a project.
Reporting
& Approvals: WCP will supply regular reporting and updates to those
identified projects and consult with KRE in advance of any investment or
expenditure to a third party. KRE will have the final right of approval of
any
expenditure of time or money in a project. KRE also reserve the right to
terminate a project at any time.
Terms:
WCP will xxxx hours expended on projects at a rate of $150 per hour. Payments
to
third parties will be billed at cost. Reasonable travel expenses will be
refunded. The invoice will show the number of hours, amounts, travel and third
party expenditure for each project. WCP will make every effort that all costs
incurred will become part of the budget for the film and be refundable to KRE
as
part of the development or within the producer compensation for the
film.
WCP
makes
no guarantee that any of the projects will ultimately be produced and the
parties agree that no such authorized and billed expenditure is refundable
to
KRE if the project does not get produced.
The
parties agree that WCP will be entitled to a mutually acceptable producer and/or
production credit for the projects but that any and all title and interest
in
the work performed by WCP will be transferred to KRE for no additional
compensation.
For
the
transfer of existing projects to KRE that WCP has been working on, the
systematic of this agreement shall apply.
The
parties agree that any conditions in this agreement that are invalid or
impractical will not affect the validity of the agreement as a whole and that
they will be replaced by conditions that most closely represent the spirit
of
this cooperation and the original intent of the replaced condition. The
same
will apply to omissions.
This
agreement will be governed by the laws of California and the place of
jurisdiction will be Los Angeles.
|
Pacific
Palisades
|
Xxxxxxx
Hills
|
|
|
West
Coast Pictures LLC
|
||
|
By:
/s/ Xxxx Xxxxxxx
|
/s/
Xxxxxx Xxxxxx
|
|
|
Name:
Xxxx Xxxxxxx
|
Name: Xxxxxx Xxxxxx |
|
Title:
Principal
|
Title:
CEO
|
