An option gives you the exclusive right to later acquire the rights to a life story. An option allows a producer to tie up the property--life story--for a certain period of time, usually a year. If your production of the story moves forward then you should buy the rights to life story at the end of your option before they revert to the original owner
If the property--life story--you want to produce has been published in another form--book or article, you must buy the rights. You need to have control over the property before you get into production, especially if it is clear that life story has an immediate value . In other words, if it is a story of someone famous or noted.
Your agreement can be simple or complex but it has to include the actual terms for buying the rights, including how much money or profit participation points the owner will get. Your lawyer must draw the agreement, which supersedes any previous agreements between you and the owner, written or oral. All modifications must be done in writing.
The owner must grant you all rights of every kind, including motion picture, television, DVD and all other rights throughout the universe in perpetuity, in all media and other types of exploitation now or hereafter known.
Protect yourself. The owner must agree to indemnify and hold you and your successors free and harmless from all claims, liabilities, costs, losses, damages or expenses. Make sure that the owner executes and delivers to you all further documents about the story.