diff --git a/docs/demo-video-script.md b/docs/demo-video-script.md
new file mode 100644
index 0000000..2528d97
--- /dev/null
+++ b/docs/demo-video-script.md
@@ -0,0 +1,112 @@
+# Demo video recording script
+
+The word-for-word script for the submission video (M5). It follows the
+storyboard in `docs/submission-checklist.md` and nothing else: one arc,
+the problem, the gate, the live proof, what is next. Every number spoken
+below was read off a real run of the commands shown, verified again on
+2026-10-28 against main. If a rerun prints different numbers, fix this
+script before recording, not after.
+
+Target length: 2 minutes 30 seconds to 2 minutes 50 seconds edited.
+Devpost asks for under three minutes. If the cut runs long, trim pauses
+between beats first, never the honesty lines.
+
+## Before recording
+
+- Fresh checkout of main. Run `python3 -m pytest -q` once off camera;
+  the suite must be green before the camera run means anything.
+- Run each on-screen command once off camera so the terminal history
+  holds no surprises, then clear the terminal.
+- Terminal large enough that receipt lines do not wrap. The replay
+  prints a dashboard URL at the end and leaves it live; know that the
+  last segment opens it.
+- Record the terminal and the narration in one take if possible. The
+  replay is deterministic, so a retake shows the identical run.
+
+## The script
+
+### 0:00 The problem (narration over a plain title card)
+
+Say: "An AI agent with a wallet can overspend, pay the wrong merchant,
+or ignore a stop, and a budget written in a prompt is not a control.
+Permit is a gate between the agent and PayPal. The agent never holds
+PayPal credentials. Every spend it attempts is checked against a permit
+a human granted, and every decision is written to a receipt ledger."
+
+### 0:20 The gate (show `permit/permit.py` or the README diagram)
+
+Say: "A permit carries four limits: a cap, a merchant allowlist, an
+expiry, and revocation. A spend is admitted only if all four pass, and
+admission is atomic: the cap is reserved in the same step, so parallel
+attempts cannot overspend it. A sub-permit is carved out of the parent
+permit's remaining cap, so sibling sub-permits cannot oversubscribe
+the parent. Keep this in mind; the live run proves each part."
+
+### 0:45 Live proof (terminal, one command)
+
+Run on camera:
+
+```bash
+python3 demos/demo_six_beat.py --fast --replay demos/fixtures/demo_transcript.jsonl
+```
+
+Say while it runs: "This run is a replay on the mock rail. It does not
+call PayPal. Beat one: a human grants a fifty dollar permit, one
+merchant, one hour. Beat two: the agent buys the thirty dollar dataset
+license. It captures, and twenty dollars remain. Beat three: the agent
+tries the sixty dollar premium tier. Blocked, reason
+over_remaining_cap, and look at the counter: PayPal authorize calls did
+not change. The blocked spend never reached the rail. Beat four: a
+fifteen dollar sub-permit is carved from the parent, the child holds
+ten dollars, and then the human revokes the parent. The revocation
+cascades: the child is revoked, the ten dollar hold is voided, the
+carve is released, and the parent is whole again. Beat five: the
+merchant submits evidence that does not match the precommitment. It is
+refused, hash mismatch, the hold is voided, and no capture happens.
+Beat six:
+a capture times out and stays UNKNOWN, neither captured nor failed,
+until reconcile checks the provider and records exactly one capture.
+The final line reads: ledger chain VERIFIED, twenty-six receipts."
+
+Then open the dashboard URL the replay printed and say: "The same
+receipts, as an audit view. Every allowed, blocked, and revoked
+decision is on the record."
+
+### 2:20 What is next (narration over the dashboard or title card)
+
+Say: "What is next: these same beats on the PayPal sandbox, following
+the written procedure in the sandbox runbook. The agent loop has
+already run on the live sandbox wire: an over-cap attempt was blocked
+before any wire call, and an allowed spend created a real order and
+stopped at PayPal's buyer approval, which needs the account holder's
+sign-in. This recording is not that run, and it does not claim to be."
+
+### 2:35 What VERIFIED means (narration, closing card)
+
+Say: "One word to close. VERIFIED means the receipt list in this
+process is internally intact: every hash matches the receipt before
+it. It is not a PayPal signature, and it is not durable storage.
+Permit is the gate, the ledger is the proof, and both are in the repo
+for any judge to run."
+
+## Honesty rules for the recording
+
+- Say "mock rail" out loud in the live proof segment. The checklist
+  requires it and this script puts it in the first sentence.
+- Never say the six beats ran on the live sandbox. They have not, as
+  one session. The checklist states this and so does the 2:20 segment.
+- Never say the demo calls PayPal. It does not.
+- Do not speak a test count. The graded count lives in the README
+  evidence line, and a spoken count can only go stale.
+- If a beat prints something this script does not describe, stop the
+  take. The script is wrong or the build is; either way, fix it off
+  camera.
+
+## After recording
+
+- Watch the full cut once, start to finish, and confirm the mock rail
+  disclosure is audible and the VERIFIED segment is uncut.
+- Uploading to YouTube is the account holder's step, on his account.
+  When the public URL exists, it goes in the checklist's Demo video
+  section and on the Devpost form; until then the status there stays
+  "not submitted".
diff --git a/docs/submission-checklist.md b/docs/submission-checklist.md
index c56a9ac..0fffe99 100644
--- a/docs/submission-checklist.md
+++ b/docs/submission-checklist.md
@@ -25,7 +25,7 @@ A sub-permit is **carved** from the parent's remaining cap: the carve is reserve
 
 ## Demo video
 
-**Status: not submitted.** No public video URL is in this repo.
+**Status: not submitted.** No public video URL is in this repo. Recording script: `docs/demo-video-script.md` (timed narration, the exact on-screen commands, and the honesty lines, pinned by `tests/test_submission_docs.py`).
 
 Devpost asks for a demonstration video linked from the submission. Host it on YouTube, Vimeo, or Youku, and keep it public. Cut it under three minutes. Judges watch the opening, then the product moving.
 
diff --git a/tests/test_submission_docs.py b/tests/test_submission_docs.py
index b07f37f..6925b48 100644
--- a/tests/test_submission_docs.py
+++ b/tests/test_submission_docs.py
@@ -56,7 +56,27 @@ def test_checklist_no_longer_lists_docs_as_to_write():
     assert "docs/lifecycle.md" in text
 
 
+def test_demo_video_script_exists_with_honesty_lines():
+    # The M5 recording script must keep the checklist's honesty rules
+    # in the spoken text itself: the camera run is the mock rail, it
+    # does not call PayPal, the six beats have not run as one live
+    # sandbox session, and VERIFIED is internal chain integrity only.
+    text = _read("demo-video-script.md")
+    for needle in (
+        "python3 demos/demo_six_beat.py --fast --replay demos/fixtures/demo_transcript.jsonl",
+        "mock rail",
+        "It does not\ncall PayPal",
+        "over_remaining_cap",
+        "VERIFIED, twenty-six receipts",
+        "not a PayPal signature",
+        "docs/submission-checklist.md",
+    ):
+        assert needle in text, needle
+    checklist = _read("submission-checklist.md")
+    assert "docs/demo-video-script.md" in checklist
+
+
 def test_submission_docs_have_no_em_dashes():
     # Standing copy rule for user-facing text: no em dashes.
-    for name in ("threat-model.md", "lifecycle.md"):
+    for name in ("threat-model.md", "lifecycle.md", "demo-video-script.md"):
         assert "\u2014" not in _read(name), name