How a spec moves toward production
A spec's life usually runs through a few stages. The writer finishes a draft and gets it read by managers, agents, producers, or a contest. A producer who wants it either buys it outright or, much more often at the indie level, takes an option. From then on it's a development property: the producer may pay for rewrites, attach a director, and start building a finance plan.
The spec draft is not the version that gets shot. By the time THE LONG DRIVE reached prep, the 118-page spec had gone through three paid rewrites and become a 104-page shooting script with scene numbers, A pages, and a revision color history.
What a spec is worth at the indie level
A spec has no fixed price. At the indie level the sale price is often tied to the budget with a floor and ceiling, and paid only when the film is financed. Using this page's example assumptions:
| Budget scenario | Price at 2.5% | Floor $40,000 or ceiling $100,000 | Writer receives on the first day of photography |
|---|---|---|---|
| $800,000 | $20,000 | floor applies | $40,000 |
| $2,000,000 | $50,000 | neither | $50,000 |
| $5,000,000 | $125,000 | ceiling applies | $100,000 |
Every figure in that table is a negotiated assumption. Guild minimums, if they apply, override a lower figure, so look up the WGA's current Schedule of Minimums for a covered deal.
Mistakes writers and producers make
Writers send specs to producers without any record of who received them. If a similar film appears later, a submission log with dates matters more than any argument. Producers, for their part, often refuse unsolicited scripts and ask for a submission release, which is normal practice to limit claims.
Producers make a financing mistake by building a budget and schedule around a spec draft. Page counts, cast size, and locations change a lot in rewrites. Wait for a production draft before running a film budget estimate that you show to investors.
The last trap is chain of title. If two writers traded drafts on spec with no written agreement, both may claim authorship. Put a short collaboration agreement in writing before the second draft.
Where the spec connects
The spec is the underlying property in an option or purchase agreement, the main exhibit in a pitch deck, and the start of development. Once financed, it becomes the source document for script breakdown and scheduling.