What is "spec script"

n. A screenplay for a movie that is shopped or sold on the open market, as opposed to one commissioned by a studio or production company.

A spec script, also known as a speculative screenplay, is a non-commissioned unsolicited screenplay. It is usually written by a screenwriter who hopes to have the script optioned and eventually purchased by a producer, production company, or studio.

Spec scripts which have gone on to win Academy Awards include: Thelma & Louise (sold by Callie Khouri to MGM for US$500,000 in 1990); Good Will Hunting (sold by Matt Damon and Ben Affleck to Miramax Films for US$675,000 in 1994); and American Beauty (sold by Alan Ball to DreamWorks SKG for US$250,000 in 1998).