Short for "speculation," the industry term for work done without a contract, "on the come," and therefore solely owned by the writer. A "spec script," if the buzz around it is hot enough, is often auctioned.
a script that was written without the prior guarantee that it would be sold. In other words, it was written with the speculation that it might sell. Most scripts written are considered "speculative."
The written specifications for a project that outline materials to be used, construction methods, finishes, etc.