Picture of person signing a contract" width="900" height="600" /> Picture of person signing a contract" width="900" height="600" />
If I had to guess, I’d assume that very few domain name investors use a contract when they buy or sell a domain. This is because the benefits of using a contract might not be clear, and they’d have to hire an attorney to draw up the agreement.
Internet Commerce Association is breaking down some of these barriers. Today, ICA released an annotated domain name purchase agreement. The organization still advises consulting with an attorney, but this agreement could get domain investors 99% of the way there.
ICA worked with leading domain name attorneys to create the sample agreement. Each section has an explanation, too, which should help you understand if it’s relevant and important to your specific transaction.
Contracts help protect both parties in a transaction. Having universal terms in these contracts (rather than ones drawn up only by the representative of the buyer or seller) could go a long way in improving protections for both buyers and sellers.
The purchase agreement is available to members and non-members of ICA, but non-members can contribute to future work like this by joining for $25 a month.
