Simply put, a completion bond insures that the film will get produced or money will be returned to the investor. When a bank or financier invests money in an independent film production, they naturally want a guaranty that the film will be produced within a certain budget and time-frame. The bond company guarantees:
The film production team will make a movie according to the screenplay, within the strike price and on time.
Or, if the team isn’t complying with the contract, the bond company will take over the production and finish the film.
Or, if production is completely falling apart, the bond company will repay the financiers.
Before giving money to a production company, many investors or banks require a bond company to insure the production according to agreed-upon conditions. The guarantor (bond company) examines several things to determine the risk of taking on liability for a production. These factors include the screenplay, the experience of the producers involved, the director’s track record and the acting talent attached. The guarantor usually requires consistent communication during the course of production regarding personnel hours, wages and production equipment. To collateralize the production, the bond company usually charges between 3 and 10 percent of the production budget as remuneration. Some bond companies charge a fee up front which they partially refund (a “no claims rebate”) if no claims are collected.
Advertisements contain the only truths to be relied on in a newspaper. - Thomas Jefferson
Tonight the governor of California presented James Cameron with “The Lucky Brand™ Modern Master Award” at the 25th Santa Barbara International Film Festival. Schwarzenegger is a longtime friend of Cameron and starred in three of his films: The Terminator, True Lies, and Terminator 2. The Governator ended his short and sweet speech by giving Cameron the award, saying in his trademark Austrian accent, “Now you really are king.” This was in reference to the famous ad-libbed line in Titanic, “I’m the king of the world!”
Cameron mentioned that he used to walk into USC film school, even though he wasn’t enrolled, and photocopy student theses and technical manuals. When he came across something about theoretical or practical that he didn’t know, he would study it until he understood it. He credits his long hours of independent study to his big break directing the b-movie, Piranha 2.
As Cameron slowly made his way down the red carpet, he took time to chat with throngs of fans in front of Santa Barbara’s Arlington Theater (decorated as an outdoor street on the inside).
He mentioned (jokingly?) to some blue-faced young fans that Avatar’s moons play a role in the sequel. See clip:
Where else can you eat fine food, catch a film’s world premiere, ski on powdery (and largely vacant) slopes and then mingle with celebrities at parties? Sundance has a reputation and a reality. I’ve heard people complain about the desperate side of Sundance – the wheeler-dealers and the starving artists hoping to finally “make it.” While Sundance was more approachable than I expected, it’s not easy to get access to the really good events. And believe it or not, it’s certainly possible to do Sundance on the cheap. Here are some things I learned at my first Sundance:
Stay in Park City. This may seem counter intuitive. The ski town of Park City, Utah is just 30 minutes from Salt Lake City with buses affordably shuttling people back and forth, thus many people opt to find less expensive accommodations in Salt Lake City. However, if pay for the shuttle and use cabs to see as many movies as you can, make time for an early party, then travel back to Salt Lake City, you’ll have spent more and you’ll be exhausted. There are some reasonable places to stay in Park City if you look hard. Ask friends of friends. Couch surf Sundance. Split a room with a few people.
Early bird gets the worm. Understand how to get tickets. It takes some time to learn the system, but it will make your visit more fruitful. This year, 2010, the festival started yet another way to get tickets; several tickets are sold the morning of a show to the first people in line at the “box office.” The office opens at 8am, so if you want the ticket, get there a full hour early. This is usually a guaranteed way to get a ticket to the film you HAVE to see. Another method is to wait until the end of the festival when theaters are less crowded and the festival has thinned. Scalpers abound. Also, use Craigslist for second-hand tickets, sometimes for cheap or free.
Pretty girls can get you into any event. Her level of attractiveness determines the level of event you can crash. This is a law of nature.
Ride share. Find or organize a shared ride on Craigslist. Many people drive to Park City to this annual festival which attracts over 30,000 visitors. Splitting the fuel cost can save everybody money. After a day in a car, you’ll most likely have several new friends with whom you can conquer Sundance.
Rain and snow. Pack good gear. It’s cold and wet. Wear waterproof shoes. I had cold, wet socks by the end of every day.
Prepare. Read all about the films and eagerly awaited debuts. Read scripts. Contact directors and producers and schedule lunches.
My favorite restaurants at Sundance were: Java Cow, The Eating Establishment and The High West Salloon Distillery. For some fine Italian food, check out Grappa.
Check out Slamdance. The people are more fun. The films are more fun. The parties are more fun.
Night ski. It’s cheap ($40 all inclusive) and you’ll have world class slopes to yourself. Check out the deals at Sundance Lodge and at the Town Lift.
Don’t get towed. Parking SUCKS in Park City during Sundance. The small town is overrun with LA drivers. It’s tempting to park in a nearby grocery store or library parking lot. You WILL get towed to the tune of $200 cash only.
Support local talent! Stop and talk to everybody. Buy art from dedicated performers, like Bramble.
Follow up with friends you met in Park City. You’ll meet seriously talented people, like Mirko Rucnov and John Rhodes, pictured below:
Advertisements contain the only truths to be relied on in a newspaper. - Thomas Jefferson
Recent Comments