How would an option to purchase the domain name be exercised?
As drafted, this domain name licence agreement states that at any time during the term of the agreement (or such other period as may be specified) the licensee may exercise the option by giving written notice to the licensor. Following this notification, the licensee must pay the pre-agreed purchase price to an escrow agent. The licensee must ensure that the agent is obligated to pay the price to the licensor on the transfer of the domain to the licensee.
Would the confidentiality clause prevent the disclosure of the charges for exercising the option?
One possible category of confidential information is "the financial terms of the agreement", which would cover the option charge. The confidentiality provisions can easily be adapted to cover any information that you want to keep confidential.
How would the licensee "control" the domain name while it is merely licensed?
Under this agreement, the licensor promises to update the name servers associated with the domain name (and other DNS records associated with the domain name that are in the licensor's control) in accordance with the written instructions of the licensee.
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