Monikers' 120 day hold on your names

[midnight251]

Has anyone had a name accepted into one of the Moniker auctions, and have the name not sell, then within the 120 days have an offer (which you got through you own doing and hard work), and having to pay Moniker 15% of the sale?

I had a name accepted into the Traffic east silent auction, and the name did not sell (yes I did read/sign the agreement thinking that I had a good chance of making a sale). I got thinking last week, maybe I should do a bit more promoting of this name and try to get a sale. But wait, if I sell it now, I still owe Moniker 15% (I think it is) of the sale price due to being within the 120 days. This was confirmed by contacting my rep.

Now, I think 120 days is a bit extreme, as I mentioned to my rep, and asked If I could cancel the contract prior to the 120 days, even thought I did not have a buyer for the name in question. I was told that I could not, and when asked why, I was told that it was to "cover Moniker".

From what I have read, Moniker gets a portion from every sale made, and has a selection process for the names that make it into the auction (silent/live). Now, I can see maybe a 30 or even a 60 day period for a time frame that if you sell your name within this period, that they would get a percentage of the sale, but it would have to be a direct result of your name being in the auction. I know that this would be pretty hard to prove, but I just think 120 days is a bit extreme.

If your name does not sell in the auction, you should be able to sell it whom ever after the fact without having to pay the auctioneer a percentage. They selected the name on the pretense that they could sell it and make a profit, if they don't sell it, it's not my problem.

What is your opinion, has anyone had to pay up.

Midnight

 

[abcproductions]

email your Moniker rep and tell them you want to make sure your domains (that were formerly included in one of their auctions but did not sell) are released from their exclusivity agreement. and keep the email you send requesting this and the response from them. in my experience, they will release your names.

 

[midnight251]

I have asked my rep to be released, and I was told via email that I would have to wait till 120 days from the time I signed the contract, in order to "cover Moniker".

 

[MinionDH]

I was complaining about this last year when it was only 60 days and now it's 120 days? Incredible. On top of that the contract "renews" if you don't cancel in writing. Here's an excerpt of last year's agreement:

"Seller grants Buyer/Seller Agent the exclusive right and authority to sell the Names for a period of sixty (60) calendar days from the date of this Agreement, or such later day as Buyer/Seller Agent’s exclusive right and authority may be extended by the Parties in writing (the “Exclusive Sale Period”). This Exclusivity Period will automatically renew if not cancelled by either party within each active period whether initial or extended period."

I understand the auction gives your domain exposure and sometimes people will contact you afterwards.. so 30 days would be reasonable. 120 days is not.

On the bright side, domain auctions are a lucrative business so naturally this will draw competition. When things start becoming competitive and people realize what they're signing they'll choose to auction there names elsewhere. That's why I'm so happy to see SnapNames, DomainTools, and GreatDomains as other venues to auction my domains.

I'm done with Moniker until they choose to revise their terms.

 

[creature]

On the bright side, domain auctions are a lucrative business so naturally this will draw competition. When things start becoming competitive and people realize what they're signing they'll choose to auction there names elsewhere. That's why I'm so happy to see SnapNames, DomainTools, and GreatDomains as other venues to auction my domains.

Agreed, I'm happy to have signed up to the Snapnames live auction in January. It's great to have the choice.

 

[midnight251]

I'm done with Moniker until they choose to revise their terms.

As Am I. I will be emailing my rep again to see if I can be released from the contract. I'll let you know how it goes.

 

[smashfactory]

how many days do you have left?

 

[midnight251]

how many days do you have left?

Currently searching for the signed agreement, (man I have to clean out my office). It was for the Traffic East auction in October, so I have a few months to go for 120 days. I have heard that if you send Moniker an email stating that you would like to get out of your agreement (I have done this), that they would do it, but obviously not in my case. Maybe my name is that good that they think it would sell after the auction (due to the exposure), and they would still get their cut, I mean (cash grab).

Thanks for the reply Smash

 

[smashfactory]

if for some reason they do not let you out, and i knew the buyer, i would see if they were willing to let me write something up, hold the domain but forward it to where they needed it now, and accept a partial payment- full payment when i was released from moniker.
this might work if you knew the buyer, like from the forums or something- i think 120 is crazy too ;-( good luck!

 

[midnight251]

My name has been released from the agreement (email from rep). I will think twice before sending any more names to Moniker for auction, until they change the 120 day policy.

 

[krx]

I am sending in some names for the Summit Auction and just read the exclusivity agreement. I believe it is 60 days from the close of the auction, and 120 days from the date you submit your names, whichever lasts longer. I believe you are already beyond 60 days from the October auction, no?

"TERM OF THE AGREEMENT: Seller grants Buyer/Seller Agent the exclusive right and authority to sell the Name(s) for one hundred and twenty (120) calendar days from the date of submitting/declaring one of the Name(s) on the ADDENDA to this Agreement or sixty (60) days from the conclusion of the first auction taking place after the submission/declaring of the Name(s) on the ADDENDA, whichever occurs later (the “Exclusive Sale Period”). The ADDENDA to this Agreement shall consist of, but are not limited to, those items submitted by Seller for selection and acceptance by Buyer/Seller Agent to secure purchasers. This exclusive right and authority to sell period will automatically renew at the end of each term unless Buyer/Seller Agent is notified by Seller in writing within 15 days of expiration that Seller is terminating the Agreement."

It's that in perpetuity clause that gives me pause.