How does it work?
As soon as Fintage CAM
becomes involved in a project, a collection account is opened at a bank into which the worldwide revenues of the Film or TV production are to be paid. This account can be opened as soon as the title of the film is known, so that the sales agent can invoice distributors immediately.
The parties involved, but in any case the producer, the sales agent and Fintage CAM
enter into a CAM
agreement, in which they agree that (i) the sales agent shall instruct the distributors to pay all revenues into the collection account and (ii) Fintage CAM
shall receive all revenues and administrate, allocate and pay the same on behalf of the parties in accordance with the pre-agreed recoupment schedule or waterfall.
Who uses Fintage CAM?
- Film producers
- TV producers
- Sales agents
Why use our service?
- Correct and timely disbursement of entitlements to all beneficiaries.
- Transparency through clear, regular and concise financial statements.
- Financial piece of mind – the Fintage CAM service substantially reduces the usual risks of the audiovisual industry.
- Reduction of the legal fees for the parties involved, as Fintage CAM usually acts as central drafter of the CAM agreement.
- The producer can entirely outsource payment of guild residuals.
A standard CAM
Agreement has been negotiated with the following US guilds: SAG
. The main benefits to producers and financiers of this agreement are:
- 1. Outsourcing of the payment of residuals and that, in exchange for a lower or no residual bond or guarantee (which would normally come out of the budget of a film), the guilds become party to the CAM Agreement.
- 2. As it is agreed that the CAM sets aside a percentage (which percentage depends on which guilds are involved) of all collected revenues as a residual reserve, there should always be sufficient money in the collection account to pay residuals.
The subsequent residuals calculations and payments would be as follows:
- 1. Once every quarter, the payroll house, which is to be contracted by the producer, calculates the residuals due on the basis of amongst others the cast lists (talent and crew) and our statements, and provides this information by way of an invoice to both producer and ourselves.
- 2. Out of the residual reserve we then pay the payroll house the total amount invoiced and in turn the payroll house pays the guild members (through the guilds) along with any sums due for applicable benefit, pension, health and welfare plan. Any excess in the residual reserve is liquidated per the remainder of the recoupment schedule.
If required, we can provide you with the contact details of the payroll houses that we know are acceptable to the guilds to calculate, receive and disburse the residuals due.
- Exclusive consultants in amongst others Australia, France, Japan, Mexico, North America, Spain and the United Kingdom which minimizes time zone challenges and language barriers.
- The benefits of a Pre-CAM agreement are:
When a sales agent starts to sell a project, but the long form CAM Agreement cannot be finalized yet (for instance some of the recoupment schedule details are still being negotiated), a Pre-CAM Letter Agreement may be beneficial.This ensures that distributors already pay into the collection account, whereby the sales agent receives its fees and expenses from the collected revenues which are normally retained in the collection account until the long form CAM Agreement is signed by all parties.