Screenplay Covers

Presentability

Card stock covers, sometimes called "cover stock", are the same size as the paper, but with the thickness of a card (65-110 lb. paper weight). They go front and back of the script.

Holes: three standard-measure holes punched in both covers along the lefthand side. Only the top and bottom holes should be used for brads, but including the center hole is the convention--and some reviewers prefer the middle brad in-place. Save your originality for the script.
Colors: the best card stock colors to use are white and black. Other colors might help set the mood you're after, or key to the theme or title, but they increase the risk of adverse reaction. And they smack of amateurism. Colors are potent mood establishers, no question, but the mood established might not be the one you intended. A color might turn out to be the reviewer's least favorite, even a 'pet peeve', that could make him antagonistic to the enclosed script. It's just not worth the risk to get too creative on this.
Title: the screenplay title should not appear, nor should anything else, on the cover.

A more professional looking approach involves what some call a "studio cover". This style has the brads going down through a narrow flap that runs along the left side of the front cover, then through the holes in the script. The cover folds back over the top of the brads and across the screenplay. This style tends to be more for Hollywood-to-Hollywood use, agents and managers submitting to producers or talent, for example, hence the nickname.