TRANSFER OF OWNERSHIP AGREEMENT
This Transfer of Ownership Agreement (“Agreement”) is made between the purchaser (“Owner”) and Active Auto Workshop (“Active Auto”).
WHEREAS, Owner is the legal owner of the purchased vehicle (the “Car”);
WHEREAS, Active Auto has produced an NFT (the “NFT”) representing the Car, which will be transferred to the 5 rnew owner upon the sale of the Car;
WHEREAS, Owner wishes to give Active Auto authorization to use the NFT for marketing, sales, or any other purpose, while the ownership of the NFT remains with Owner; and
WHEREAS, the parties wish to set forth the terms and conditions governing the transfer of the NFT.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
- Authorization to Use the NFT.
Owner hereby grants Active Auto the right to advertise, present, use, and display the NFT produced by Active Auto for marketing, sales, or any other purpose, while the ownership of the NFT remains with the Owner. Active Auto may use the NFT in any manner it sees fit, including but not limited to social media posts, online advertisements, and promotional materials.
- Confidentiality of the Secret Recovery Phrase.
Active Auto acknowledges and agrees that it shall not share, use, or disclose the secret recovery phrase necessary to access the NFT. Active Auto shall take all necessary precautions to protect the security of the secret recovery phrase and ensure that it remains confidential. On transfer of the NFT, Active Auto will destroy all material in its possession that contains the secret recovery phrase. It is strongly advised for the Owner to also destroy and keep safe any physical or digital copy of the secret recovery phrase in order to maintain NFT’s sole legal ownership since sharing the secret recovery phrase may cause the transfer of its legal ownership to third parties.
Owner shall indemnify, defend, and hold harmless Active Auto and its officers, directors, employees, and agents from and against any and all claims, damages, expenses, losses, and liabilities arising out of or in connection with the Owner’s use of the NFT.
- Governing Law and Jurisdiction.
- Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements, understandings, negotiations, and discussions, whether oral or written, between the parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date of submission of this form.