Common use of Final Cost Reports Clause in Contracts

Final Cost Reports. Upon completion of principal photography, Company shall submit to the WGA a detailed report of actual expenditures and any other relevant materials required by the WGA showing the actual cost of production. If the actual production cost of the Picture exceeds the budget level originally indicated when applying to use the Documentary Screenplay Contract, full payment of any sums necessary to bring each writer’s payment in compliance with the minimum rates required by the MBA shall become due and payable within seven (7) days of the date the Company knows or should have known the budget of the Picture increased. The minimums are set forth in the WGA Schedule of Minimums.