That was a fast redaction of some bold accusations.
General note for everyone: If you are going to post something that could be inflammatory/controversial/legal, why not wait a night and sleep on it?.
What the hell do you know Allan?????.
Yes Allan, you are right, perhaps a night to sleep on it would do the trick.
I was hoping my dry sense of humor would be recognised!!.
You are of course right....that is why I put a smilie on the end of previous comment...and heres another one for good measure!!..
I caught it, just spreading the love around - no worries.
And I do hope things work out well for you on this one - always intimidating going up with/against folks that have limitless checkbooks.
They will not pay you.
It happened to me, and they never sent me the payment, saying the client didnt wire them the money.
Good luck though..
Had they set up an escrow account?? And if yes, isn't that a watertight case for offer & acceptance and you could sue for specific performance and a court should award you costs......??.
The escrow names them and not the client as the transfer of name.........at least in my case......
The escrow.com was initiated, and it expired after a month because there was no progress.
I dont know if I can sue them.
The step reached to where they are waiting to wire the money to escrow.com and they never did, and the transaction expired...
Ok, now I have to ask - what is it that you are selling to Google/Microsoft?.
Sounds fishy to me, no law firm would represent both Google and Microsoft...
ACtually I am not selling anything to ggogle or microsoft.....but if you do a google search on them it seems that both companies have in the past been represented by them.
My case is a company based in the UK...............that they are representing....
As an update after hearing about this other person's story..this is what I wrote them today:.
Audrey , further to our phone conversation yesterday, you promised me that the funds would arrive as soon as possible.
I just want you to know that someone posted the following on Namepros with regard to your law firm:.
"the escrow.com was initiated, and it expired after a month because there was no progress.
I dont know if I can sue them.
The step reached to where they are waiting to wire the money to escrow.com and they never did, and the transaction expired.".
Please be in no doubt whatsoever that whilst I will take you at your word and try and pretend that there is a legitimate reason why your client has not submitted the funds in over two weeks, I will sue for specific performance if the escrow gets cancelled..........
By the way, the contract is between me and you of Trout & Zimmer as clearly stated in the Escrow terms, not me and your client.....you are ultimately responsible.
So, let us first se what your word is worth.
But I will sue if you do not follow through on the transaction. Make no mistake on that.
Can anyone tell me if they can squirm their way outof the contract???..
Remember that whole "Sleep on it" piece of advice? Should have heeded it there.... [/quote].
Any number of ways that they can "squirm" out of performance on a contract; any number of legitimate ways, at that.
Maybe. - the only input I could offer since I have no idea whats going on. Way to make cryptic threads!..
Do not threaten to sue someone for money or property. Personally, I would never threaten a lawsuit. I would request what is owed to me and if I did not get it sue without a word about a lawsuit. http://en.wikipedia.org/wiki/Extortion.
Trout & Zimmer is more of a consulting firm than a law firm. They act as a buyer's agent for companies seeking to acquire domain names, and they have done so for Google, Coca-Cola, etc. I guess the basic idea is that they believe people would jack up the price if they knew who was buying. However, it is pretty much a safe assumption that if it is Trout & Zimmer, then the buyer has deep pockets. It depends on what the contract says. Having dealt with T&Z several times, I'd be interested to know the particulars of your situation and of HiSoC8Y's situation...
As far as I am aware when it comes to contracts, the legal remedy merely attempts to set both parties equal to the way they were before the breach/contract. Meaning, unless there is a specific clause outlining damages awarded to parties in the case of a breach, if you both end up equal to the way you started, it's considered fair.
What this is means is that you had a domain worth $5,000 (for example). They agreed to buy it for $5,000. You both started with $5,000 in cash or property. Now even if they back out of the contract, you both still have $5,000, so therefore no one has lost anything. Case closed.
The only way you may be able to sue is if you incurred some costs in the process, or if someone came along and offered you more for the domain, but you declined on the basis of the current contract. Then you may end up being awarded those costs or the difference from the amount the second party offered for the domain and the price originally agreed upon in the contract. So someone offers you $7,000, and you lose $xx in Escrow fees due to the transaction not completing... You may be able to sue them for a grand total of $2,0xx.
I imagine the contract doesn't contain a remedy/award for breach, and they probably assume you wouldn't receive another verifiable offer in the short amount of time, so to be honest, they probably are not very concerned about your threats to sue. This doesn't mean they won't keep their word though. Just that legal threats are usually not worth the effort to type..
An update to my situation........I thought I could use the aribtration clause of Escrow.Com since we both bound by the terms of Escrow.Com upon the use of their services.
The response to my request for arbitration was that only if I had transfered the name, did the arbitration clause kick in......the fact that both parties had agreed to the deal by wsetting up an escrow service and agreeing to wire $7,000 is of no significance whatsoever...
Escrow.Com could be put out of business if a rival was set up that made you accountable for the terms of the deal as soon as there was offer and acceptance, the basis for a contract......I know I would use that service every single time........
THe situation is pretty simple.
I was contacted by email by T&Z (so actually they did not care that I could do a google search and realise whom they were, and the probability of a big client) and then had a couple of discussions on the phone for one of my names.
I was sent an email on the 8th June with a "final" offer at 7k to which I accepted in a phonecall the same day. Within two minutes of that phone agrrement, T&Z set up an EScrow.Com service. I got an email from Escrow.Com. I put in my details aswell as my form of payment. On the 10th June, T&Z confirmed the agreement to a wire transfer as the form of payment.......
Since then, nothing - every time I phone them - they say it's coming.......
But if you see someone elses comments above, the same acenario played out with him.......and nothing came of it and the transaction expired......
But I find it a real joke that the big companies can behave this way and get away with it...someone slap me around the head and tell me to wake up and smell the coffee....I know.........it just never happened to me!!!!! Till now....
You will be really proud of me......I held back at the very last second and did not send out the email with the threat.......it remains in my draft box!!!.
Although I am almost 100% sure they will be reading it here....but thats not as bad is it!!..
Thats not going to happen though. The same has been said about aftermarkets as well (too many deadbeats with no remedy)... You have to realize though that these companies are in the business of providing services, legal services not being one of them. For these companies to make people accountable would be nearly impossible. Why would they spend thousands in legal costs to recoup a $xx-xxx commission in most cases? It would just be too costly to be financially viable for them to do so. So unfortunately the burden falls on the buyer and seller, and in most cases, as I stated, neither party is any worse off than when they started if indeed a breach does occur.
And if the situation arises where you do in fact take a loss, then you have to the right to sue based on the contract, but more than likely the amount you have lost is not substantial enough to warrant litigation.
I've had a lot of deadbeats, so believe me, I know it sucks. But this is the reality...
I thank you sir for your commiserations........no sarcasm intended...
And "Millerscrossing", by "particulars" I mean all of the facts. Things like your name, the domain name, the text of the email and contract, all of the relevant dates, etc...
Word of advice:.
You can wrestle with an internet company, you can wrestle with a law firm, and you can wrestle with a lion all you want to.
Put when you tick off a woman - then you, sir, have placed yourself in a great deal of danger...
Why not just wrestle with women like Andy Kaufman?..
Need I mention that Andy soonafter wound up very dead? I rest my case...
Just to fair to everyone, it seems that I judged the company quick.
Few days ago, they contacted me again, and it seems they wired the money to escrow.com and now I have to send the domain to them.
Will update you as soon as I complete my transaction...
I pushed the domain to Trout & Zimmer, and they accepted it in escrow.com, and the payment arrived, btw, the payment was $ xx,xxx.
Please all, discard my first reply in this forum, to be fair for the company's reputation.
The wire transfer from escrow.com was also fast. within 15 hours I received it...
Well, your original post did sort of confirm my worst fears......but like you I MUST EAT HUMBLE PIE.....
Finallly, T&Z client came up with the money, as soon as that took place, T&Z completed every milestone at a very fast pace indeed....
Today the name got transferred to MARKMONITOR on behalf od TROUT & ZIMMER. Theie client is almost certainly NUTS.CO.UK...The name is NUTSTV.COM, the amount was for 7k......
As to pissing women off!!!!!! I never did send her that threat.....stopped myself just at the very last possible moment!!!! Thank you Mr Shore!!!.
Maybe my only advice to T&Z is to explain in no uncertain terms to their clients that delaying payment by over a month tarnishes T&Z reputation and that must be worth more than what they were paid for getting the deal done....
But me and my contact at T&Z are on good terms and on a personal level, she tried her very best to make things happen......
Glad it worked out well for you That's a great price for a domain that I would have passed over 99 times out of 100 (Shows what I know ).
Congrats, and may we all get contacted by a "fish" soon.
For those of you that think this thread shows t&z as being bad, evil guys in someway.... (unfortunately) this is the way big business works. Over the years, I've been involved with transactions with probably 75% of the Fortune 500 directly or through their representatives such as ad agencies. Typically larger companies doing deals don't just jump to get payment out. My own experience was time frames of anywhere from 90 to 180 days for "sizable" companies to get paid from the time of invoicing when dealing with intermediaries. Often, the bigger the deal is, the more money involved, the longer it can take to get everything wrapped up...
When you have a company who has to pay multi hundreds of people it can take time for the accounts to do it. Employees, ads, other companies, water bills, electric bills, etc etc.. Most people have trouble paying the few small monthly bills they get imagine if you get several thousand bills a week. Give it time, when dealing with larger companies who are not in much of a hurry to get their domains as they are to pay their employee's. If you don't get contacted after 15 days or so send them an email and see what is up. Keep doing it until you get paid, it will happen eventually..
I humbly accept the advice given...I am only one year old in this industry and still on a very large learning curve..........
We are not trying to make anyone look bad. we are just doing what this forum was made for. talk about the legal issues, transactions...etc.
We are inputing our experiences so in the future, every member of this forum will benefit.
I admit at first that I said the T&Z won't pay and all that, because that was the case exactly.
They promised me to pay, and it was being delayed, today, tomorrow and so on, for a month, and my transaction was expired in escrow.com.
So I joined this thread and shared my experience. And later on, when the contact me again, I came back here and updated my situation and things went fine.
So I hope you dont think that either me nor any other member is trying to make someone look evil or so.
This is business, has it's ups and downs, and we are trying to contribute our experiences.
All the best..
Allan, you know more than me as I would have passed this one 100 out of 100 times.
Congrats James, a really nice sale indeed..