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In Mank (2020), Orson Welles put Mank under contract to write the first draft screenplay for "Citizen Kane" under the supervision of  John Houseman. Mank is a former partner of Orson Welles at the Mercury Theatre.  At his new residence, Mank recieved a phone call from Orson Welles:

Orson Welles: I thought I told you, Mank. I have final cut, final everything. There are no studio notes. We'll have no one but ourselves to blame.

Actually Orson Welles gave Mank 60 days time to complete the draft. Then how did Orson Welles prepare final cut without any draft?

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    Final cut only applies to a completed movie. – Paulie_D May 4 at 5:18
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This entire question seems to be based on a misunderstanding of the term 'final cut'.
The final cut is the very last edit version - the one that will ship to the cinemas. The script will have been finalised long before that; indeed it needs to be close to final before they even start filming.

In its entirety, Welles is saying he has complete control of the release edit & surrounding details, from script to publicity. "Studio notes" are directives from the studio owners as to the form and direction the movie must take. As there are no instructions from the studio, it's all on the shoulders of Welles to prove his movie is worthy of the control he exerts over it. Welles is implicitly trusting Mank to come up with a script of sufficient worth to justify Welles' commitment to the project and the studio's trust in him.

The entire sub-text of the movie is whether or not Mank deserves this trust and can sustain the will and determination to see it through.

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