Lease Terms and Conditions Explained
Reading through the terms and conditions of an agreement is often difficult. To make it a little easier, we’ve highlighted the most important parts and explained them in plain English.*
*Disclaimer: Terms and Conditions highlights are for informational purposes only and not legal advice.
The Lease Agreement is composed of:
- the Business Details section such as the names of the parties and their contact details, the price plan breakdown etc.; and
- the Terms and Conditions, which we are addressing.
Duration of the lease
Section 10.1 states, "The term of this Agreement will commence on the Effective Date and will continue until this Agreement is terminated pursuant to this section 10."
This means that the lease is perpetual: it will last as long as it is renewed. So once both you and the Owner agree to the terms and conditions, your lease continues as long as you keep making your payments.
Sale of the domain by the Owner
Section 3.4 Sale of Domain Name by Owner: "...provided that Owner also assigns this Agreement to the New Owner and the New Owner expressly agrees in writing to accept Owner’s assignment of this Agreement and to be bound by this Agreement as if all references in this Agreement to "Owner" were references to the New Owner."
What happens if the domain owner decides to sell their portfolio to another portfolio owner? If that happens, this clause forces the New Owner to keep the same lease agreement with you. Therefore changes in domain ownership won’t affect your lease agreement.
Sale of the business by the Lessee
Section 5.6 Sale of Lessee’s Businesses: "if Lessee transfers and assigns sole ownership of and control over Lessee’s Website, all Email Accounts and all of Lessee’s business and assets in association with which Lessee uses the Domain Name to any person (the "New Lessee"), then Lessee may also assign this Agreement to the New Lessee..."
You can assign or transfer your lease when you sell your business.
Termination of the lease
Section 10.4 "Owner may not terminate this Agreement for Owner's convenience."
Only you, as the Lessee, may cancel your lease at any time. The only circumstances where the Owner may end the lease is for cause, such as payment failure and blatant trademark infringement.
Section 5.1 Service Provider: "Throughout the Term Owner will appoint a person to be the Service Provider"
Venture.com will handle registration, admin services, and payments regarding the domain lease after the agreement has been finalized.
We encourage you to learn more about your lease terms and conditions here.