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Completion Bonds
Simply stated, a completion bond is a contractual agreement that guarantees that a film is finished and delivered or, if abandoned, that investors are reimbursed for out-of-pocket losses in case the production exceeds the budget. Spelled out more clearly this means that the completion guarantee assures the bank, Fonds or financiers that (a) the producers will complete and deliver the picture in accordance with the screenplay, budget and production schedule that the bank, Fonds or financiers approved; or (b) the guarantor will complete and deliver the picture in accordance with such pre-approved screenplay and production schedule, and advance any sums in excess of the pre-approved budget necessary to do so; or (c) in the event ...
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