The term domain name means any alphanumeric designation which is registered with or assigned by any domain name registrar, domain name registry, or other domain name registration authority as part of an electronic address on the Internet. (15 USCS § 1127)
Puerto Rico Domain Name Purchase Agreement is a legally binding contract that facilitates the purchase and transfer of domain names associated with Puerto Rico. This agreement governs the transaction and outlines the terms and conditions agreed upon by the buyer and seller. The Puerto Rico Domain Name Purchase Agreement typically includes the following clauses: 1. Parties Involved: This clause identifies the buyer (purchaser) and the seller (vendor) of the domain name. It includes their legal names, contact details, and any additional relevant information. 2. Domain Name Details: This section provides specific information about the domain name being sold, such as the exact domain name, its extension (e.g., .pr), registration date, expiry date, and any additional related assets (websites, social media accounts, etc.) included in the sale. 3. Purchase Price and Payment Terms: Here, the purchase price is clearly stated, along with the currency and payment method agreed upon by the parties. It may also include details about any installment plans, deposits, or escrow services utilized during the transaction. 4. Representations and Warranties: This clause lists the assurances made by both the buyer and seller regarding the domain name's legal ownership, non-infringement of intellectual property rights, absence of liens or encumbrances, and compliance with applicable laws and regulations. Additionally, it may cover other representations related to the domain's history, traffic, and revenue generation if applicable. 5. Indemnification: This section describes the obligations of each party to indemnify and hold harmless the other in case of any third-party claims, damages, or losses arising from the domain name's purchase or use. 6. Transfer of Ownership: The agreement specifies the process and responsibilities for the transfer of the domain name's ownership. It often involves providing necessary authentication credentials, authorization codes, related account details, or cooperation for the successful completion of the transfer. 7. Confidentiality: If desired, this clause can protect any sensitive or proprietary information shared during the negotiation or execution of the agreement. It establishes the obligations of the parties to maintain confidentiality and prevent the unauthorized disclosure of such information. 8. Governing Law and Jurisdiction: This clause determines which country or state's laws will govern the agreement and where any disputes arising from the agreement will be brought for resolution. Different types of Puerto Rico Domain Name Purchase Agreements may be categorized based on the parties involved, such as: 1. Individual to Individual: When the sale takes place between two individuals, each acting on their own behalf. 2. Business to Business: This type of agreement occurs when businesses or corporate entities engage in the purchase or sale of domain names associated with Puerto Rico. 3. Business to Individual: Here, a business entity acquires a domain name from an individual, which is commonly seen in cases where a company seeks to secure a domain name for branding or marketing purposes. These different types of agreements mainly differ in terms of the involved parties but generally include similar clauses to ensure a smooth and legally secure transaction.
