ABSTRACT
The completion guarantee is a form of insurance bond essential to independent production. For financiers, it insures that a production will be finished, no matter what turmoil it might face. There is often a bond representative on the set. If production falls behind or is otherwise jeopardized and cannot be cured, the bond company can take over the production from the filmmakers and complete the movie. Steve Mangel, President of UniFi Completion Guarantors, brings his expertise to this chapter, detailing the origins of the completion guarantee; the negative pickup deal; how a bond company decides to insure a movie including proof of funds (POF), review and evaluation, legal documentation; the completion agreement; the completion guarantee; the director’s undertaking; the interparty agreement, notices of assignment (NOA); errors and omissions (E & O) insurance; essential elements; monitoring; the prospect of abandonment; delivery; claims.
