Copyright laws on using film footage to edit into trailer

Hi can anyone give me some information on what are the copyright laws for editing a full feature film so that it becomes a fan made film trailer? I have a video editing project at school and wondered if I would get into any trouble for editing a film down to lets say 3 minutes in length?
Thank you.

I can't quote you the exact laws- U.K., or U.S.- but some general principles to keep in mind are:
1) Copyright laws primarily exist to protect the commercial value and artistic integrity of a product.
2) If you are using fragments of a copyrighted production for non-commercial purposes, your project may qualify as "fair use" exemption.
3) If the distribution of your project is very limited (to your school environment for example), it strengthens the "fair use" notion, and also raises the practical question: how would the copyright holder know about it, or even care?
4) On the other hand, if you post the project to U Tube and it becomes an international hit- and particularly if you have presented the copyrighted material in a manner that the owner considers offensive in any way- the ice starts getting a lot thinner. You may attract their attention, and they could, at a minimum insist that you remove it from distribution, or considerably worse if they wanted to pursue the matter.
Along these lines, one clever thing I see done frequently with music for video shorts published on the web: not only is screen credit given for the music, but also a link to iTunes, etc. such that a viewer can purchase the music. This is still clearly a violation of the copyright law- the gamble is that the copyright holder would be unlikely to pursue a complaint because the use, although unauthorized, effectively is an advertisement and provides the means for sales of the original work.
What you can get away with vs. what is really asking for trouble is hardly black and white, so it's always worth some research and serious thought before proceeding.

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