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I have a friend of mine who is an attorney. He owns a

Hello,I have a friend of...
Hello,I have a friend of mine who is an attorney. He owns a variety of vanity phone numbers that spell out different things. Some of the numbers are only valuable if purchased outright to control an entire national market coast to coast.Q-He told me that if I am able to sell any of his vanityphone numbers at his asking price that he would pay me 50% of the proceeds.Example phone number is ***** for $1,000,000 I am supposed to receive $500,000 of the proceeds. Find a buyer for a vanity phone number is ***** so simple.The fact that he is a long time friend and an attorney gives me a moment to pause and think of what would be the best yet benign way formalize our agreement? He is suggesting a confirming e-mail? I think something more formal may be needed with a signature, date and the listing of the vanity phone numbers approved etc.What do you suggest or am I over thinking it. When it comes to money I think a written agreement makes everything clear etc. Can you provide a brief paragraph summarizing the above mentioned points?Thanks
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Answered in 4 minutes by:
10/22/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 119,633
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Customer reply replied 1 month ago
Ok is the answer to follow?

As an attorney he knows emails can be binding, but they are not as widely accepted by the court as an actual signed contract, so he is giving himself an out if he wants to avoid paying you as it is not a signed agreement. I would indeed insist on a signed contractual agreement specifying your percentage of payment and how many days from the sale it would be due to you and what the penalty would be for non-payment.

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Customer reply replied 1 month ago
Do you have a suggested paragraph?

Thank you for your reply.

Because I do not have the details of your deal, if you read what I typed above I told you what needs to be included in the paragraph, but I cannot write the paragraph for you. The paragraph would specify your percentage of payment and how many days from the sale it would be due to you and what the penalty would be for non-payment.

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Customer reply replied 1 month ago
The deal is this for any vanity phone number I sell payment is to be 50%. I am seeking to put together something which is sufficient yet not offensive to our friendship, also I think it is important to memorialize. the terms conditions and payments in case a deal closes and something happens illness change of mind when money is involved etc.

Thank you for your reply.

This agreement is entered into between your name and your friend's name on X date. The parties recite the following. Your friend has vanity phone numbers to sell and has agreed to pay your name 50% of any profit of any phone number your name sells for your friend's name. Payment to your name shall be due in 30 days from the sale of the number. Failure to make payment shall allow the non-breaching party to pursue legal action for damages, including attorney's fees and costs, for breaching this agreement. This agreement may be terminated by written notice by either party given 10 days prior to termination of the agreement, but shall not terminate any sale of any number already in progress or with any customer already contacted for purchase of a number and your name would continue to be entitled to their 50% share on any of those sales.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 119,633
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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