Quicksummer Entertainment LLC

Completion Bond

  1. If there is bank involved, then completion bond is necessary
  2. Only guarantees to bank and studio that delivery of picture occurs
  3. To access cash for production from the bank the loan is secured by the bonded film - this is not insurance policy
  4. Bonding company checks if contractible talent is trustworthy available and capable, if production don't get rained out in location, if picture will come in with projected budget, etc.
  5. If producing co. fails, will take over, or soft-takeover the picture
  6. Wants delivery to the bank to be Notice of Delivery (ND)
  7. Cost for service is 3-6% of negative cost - 50% of it usually refundable after delivery occurs.

The system of bank, studio, completion bond, and production company are intertwined, they are one system bypassing the pictures produced on spec and for film festivals.