Screenwest announces updates to its Terms of Trade
Screenwest has worked with industry advisory groups and key stakeholders to update its Terms of Trade. The new Terms of Trade will apply from Friday, 1 January 2021.
Screenwest’s Terms of Trade provide guidance on how Screenwest will transact its business and underpin and supplement funding program guidelines. They have now been updated to streamline information, and provide clarity throughout.
In particular, the terms regarding co-productions have been redrafted to strengthen the position of Western Australian producers.
Screenwest actioned changes to the Terms of Trade through industry feedback and consultation via the Screenwest Industry Advisory Group and Screen Voice and we wish to thank them for their feedback, assistance and patience throughout this process.
One of the key changes to the Terms of Trade acknowledges the significant growth trajectory of the gaming and interactive sector. Screenwest acknowledges the need to nurture and gain further support for the growth and development of this sector and this has been reflected in changes to the ‘What Screenwest does not fund’ section of the Terms of Trade. They will now enable Screenwest to be able to fund games, when additional funding is secured and we are able to fully establish and administer a games and interactive funding program.
The new Screenwest Terms of Trade for 2021 are now available on the Screenwest website, however, will only apply to anything funded from Friday, 1 January 2021.
The current Screenwest Terms of Trade (effective 15 August 2018) will apply to the current production round closing Monday, 23 November 2020 and any project or activity funded up to and inclusive of Thursday, 31 December 2020. You can access the 2018 Terms of Trade on the Screenwest website.
Key changes to the Terms of Trade are summarised below, but a summary document, effective from 1 January 2021 can be downloaded here: Terms of Trade Summary of Changes – January 2021
- The Terms of Trade have been expanded to be able to fund games (at such time special purpose games funding is secured)
- The definition of eligible applicants has been expanded and updated
- The co-production definition has been expanded and made clearer. Inclusion of experience requirements to ensure that WA producers entering co-productions have some producing experience to enable them to manage the co-production relationship. This has been designed to act as a benefit to the WA Producer – that they can use to negotiate the best deal for the WA, in the same way the Producers corridor used to act as a benefit to the WA Producer.
- Projects applying for production funding must have a clear pathway to an Australian audience, but do not necessarily need to have a national market attachment in the first instance.
- The application, assessment, approval and appeal process has been streamlined for clarity, transparency and conciseness.
- There has been an addition of Screenwest rights in relation to the appointing of assessment panels and the right to contact parties associated with the application.
- A clearer Appeal definition has been included.
- As Screenwest no longer provides production investment funding (even through the Western Australian Screen Fund), we will no longer require recoupment or profit share, so this reference has been removed.
- Increase to the minimum budget amount for audit requirement and specifying audit requirements for WASF and Co-production projects.
- The requirement of documentary projects to have completion guarantor has been removed. This will still be required for features and/or if funding is to be provided as an investment (as per the discretionary Screenwest Investment Funding Option).
- The Screenwest right to 1% copyright on all production funding has been removed.
- Screenwest has mirrored the requirement of Screen Australia, whereby all feature films funded are to be captioned and audio described. For feature films not funded by Screen Australia, have added a minimum budget requirement that this would be mandatory. SW does encourage producers of all other non-feature film content to budget for captioning and audio description.
- Addition and expansion of the Applicant’s copyright and underlying rights. These will now sit within the Terms of Trade, rather than within individual program guidelines (unless different from standard)
- The Financing Sources section has been redrafted for clarify and transparency.
- Screenwest now waives its entitlement for sequels, spin-offs and remake fees.
- There has been an update to the producer offset clause, recognising that it is a producer entitlement, but that it must be part of the finance plan.
- There has been an addition of an outstanding obligations clause.
- There has been an update to the Accountant Opinion definition in the Glossary of Terms.
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