May 2008

This week was the second part of the business of film, again led by Carlo, producer and ex-media lawyer for Davenport Lyons. The first session of the week covered the legals of completion bonds and what would happen if the bonders ever did decide to take over the film, including the fact that when they take over the film they also take over all rights to the project for exploitation. Carlo explained the purpose and implications of the ‘strike price’ – the price that the bonders agree to spend if they take over the film in order to complete it (usually the budget minus producer fee, music licences and a few other items) and explained how security is guaranteed for the bonders in terms of contingency and cash flow from financiers. We spoke about Carlo’s experience of the different types of finance and how it has worked for him on some of his projects and he gave us plenty of tips and advice for how to make the project as secure as possible for financiers and completion bonders and how they will make it as secure as possible for themselves in the contracts they will push for. This was a really useful session in terms of little snippets of advice from Carlo’s experience of things to watch out for and remember when dealing with financiers and completion bonders.

The final business session was on co-productions. We discussed the different co-production treaties for the countries that have agreements with the UK and the difference between these official co-productions and unofficial co-productions. We also talked about the cultural test for British films which enables them to be eligible for the UK tax credit and how to make sure our films are eligible if we are hoping to use the UK tax credit system. Again, it was an information heavy but very useful session, especially given that my project would probably be an official co-production via a co-production treaty.

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Emma Savage

(One-Year Practical Filmmaking) short film Pulse has won two awards for Best Foreign Film and Outstanding Screenplay at the Dixie Film Festival in Atlanta. The film has also been selected as the only UK student short to be screened in Official Selection at the European Independent Film Festival in Paris. Pulse was the first film Emma made on her course at the Met. 'Pulse' is a fantasy romance with darkly comic elements which sees a man become addicted to giving himself electric shocks when he discovers they provide a means of contact with his dead wife. Congratulations to Emma!