In the middle of Feb. I will be DP'ing my first feature film. I will be providing my personally owned lighting and grip equipment as well as a RED Dragon cam. I will be lighting the scenes,camera operating, and providing directorial advice to the director. Shooting is scheduled for 3-4 weeks. There is a budget for me to be paid an (ok) rate in installments over the course of those 3-4 weeks. The film will be submitted to bigger studios/reps/investors for consideration of being picked up or bought and being produced on a bigger scale with bigger budgets. In the event that our version does actually get picked up, I assume the the producer/production team is compensated for it correct? How exactly does it work? Is it one payment or is it like royalties?
I'm currently typing up a contract that is due in 24 hours to define the terms of work and payments for the project and I want to make sure that if there is backend compensation from getting picked up, that I get covered and receive a piece of that compensation. How should I word this in the contract? Any advice would be greatly appreciated?