What is a contingency in relation to a film budget? - ProProfs Discuss
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What is a contingency in relation to a film budget?



1. A contingency is a sum of money set aside in case the film goes over budget.
2. A contingency is a deposit used to secure a location or similar reservations in pre-production.
3. A contingency is a budget breakdown s reference to salaries maintained by payroll.
4. A contingency is the amount of money spent on copyright material.
5. A contingency is not located in the film s budget.

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How well do you know the film industry?
Asked by Samuel, Last updated: Apr 03, 2020

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3 Answers

J.Spencer

Knowledge Enthusiast, Knows A Lot of Stuff.

J.Spencer, Knowledge enthusiast, Tokyo

Answered Dec 10, 2018

1. A contingency is a sum of money set aside in case the film goes over budget.

Contingency or contingency budgetis an extra amount of money set aside for a movie in case the movie's production costs are higher than what has been allotted. Most movies nowadays don't use their contingency budgets. But they're required in productions that have to reshoot bits of their films. The contingency budget can be up to 10% of the film's actual budget.

 

Anika Nicole

Content Writer, Teacher

Anika Nicole, Wordsmith, PG In Journalism, New York

Answered Oct 15, 2018

The correct answer to this question is 1. A contingency is a sum of money set aside in case the film goes over budget.

A contingency budget is a money that is set aside to cover unexpected costs during the construction process. It's like an emergency money. Typically, every film should have a contingency amount of about 10% of the total budget.

 

John Smith

John Smith

Answered Sep 08, 2016

Here, the correct answer is 1. A contingency is a sum of money set aside in case the film goes over budget.

A contingency is emergency money. If the film should run over budget, you can rely on the contingency as opposed to returning to the investor to ask for more. Often times, on larger budget productions this is a mandatory portion of the film's budget, usually amounting to 10% of the overall film's budget on top of the budget of the film. For lower budget independent films, it is understandable that money is very tight, but if possible, include this contingency as a film is incredibly unreliable and problems will arise.

 

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