| This comes in the aftermath of the announcement that eBay and PayPal will split apart into two separate companies. Under the heading “Intellectual Property,”PayPal announces that it is introducing a new paragraph to its agreement, effective July 1, 2015, that will allow the company to “use content that you post for publication using the Services”. “When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sublicensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the PayPal Group’s use of such content (including of works derived from it) in connection with the Services.”In case legalese baffles you, that says: 'Sell it through us, and you are giving us full ownership of it - forever.' PayPal users reacted to the terms of agreement update by expressing their shock and confusion. Source URL |