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Reply With QuoteIts not "normal" to expect "something shifty" to happen in the first place. That's also the reason for the paperwork, to make it clear what the agreement is.
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I am wondering what is the typical strategy for this. I am looking to invest on a site/domain and wanted to see if anyone here had any thoughts/experience before I talk to legal.
My primary concern relates to who holds/controls the domain. Neither party (myself or the other company) wants one person to have control of the domain, even if legal paperwork is signed. This is because if something shifty were to happen, then the person holding the domain would obviously have the upper hand, and the other would require a lawsuit to get back to their original ownership.
Is it normal, that in addition to legal paperwork, that a law firm or some kind of escrow service holds on to the domain in their name?
Thanks for the help
Its not "normal" to expect "something shifty" to happen in the first place. That's also the reason for the paperwork, to make it clear what the agreement is.
Big business, leads to high temptation. Frankly I don't trust people in such a situation, I know of others who have been burnt in the past in a similar way.
---------- Post added at 05:53 AM ---------- Previous post was at 05:51 AM ----------
I should add, specifically the reason I do not trust paperwork alone. Is I know of an individual who sold the majority of his company to an Israeli firm, with lengthy paperwork. He retained a 40% interest in the company, but gave up control of the domain. The minute he gave up control of the domain, although the Israeli firm kept paying him his dues, they pretty much sidelined him. Given the trouble, cost and time involved in suing the firm to improve his position, he was reluctantly left in this position - which was highly detrimental to him in the long run.
Doing business with a person/entity you do not trust should be avoided. But as it is, just get an ip lawyer and establish a mutual trust where the firm is 'trusted' with the name within parameters laid forth.
If I only did business with people I trust, I would be limited to my family. Furthermore one of the major reasons that legal agreements exist is an acknowledgement of lack of trust more or less. But that said, I appreciate the latter advice.
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