Good Idea valuenames.
A bit of background. This is from a contract the seller wishes me to sign for a domain I am purchasing in the $XX,XXX range. The domain itself is generic, however as with all the domains, several companies use it to name their products.etc.
The domain had a letter in mid 2003 from one of these such companies asking the seller to turn the domain over. After a letter from his attorney, the company had no further response and backed down.
The section in the contract of which I am concerned is below;
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Buyer's Indemnity. In the event that any person or entity ("Third Party") makes any claim against the Seller arising from the Buyer's use of te Domain Name, Buyer shall indemnify Seller for all attorney's fees and costs incurred by the Seller. In the event that any Third Party commences any form of civil proceedings against the Seller, Buyer shall indemnify and defend the Seller in all such proceedings and Buyer shall pay all Seller's attorney's fees and costs and any damages.
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In essence, I would like to know how the seller could be sued if I own the domain, what the reprocussions would be one this section is I resold the domain, and in general do the lawyers actually advise me to sign it.
Personally it is the second part of this section which concerns me the most. In essence I should pay his legal fees, damages.etc. if ANY civil proceedings are broguht against the seller no matter if it due to what I have on the site, or even if it is not about the domain name.