In 2006, ICANN and VeriSign settled a legal dispute, resulting in VeriSign being generously awarded management of the .com contract, for another 6 years until 2012. Terms of that renewal agreement stipulated that VeriSign could only implement 4 price increases over 6 years. This planned price increase would be 5 consecutive years. Where the fuck is ICANN to enforce the terms of this agreement?
ICANN OKs VeriSign Settlement
Quote:
Internet Corporation for Assigned Names and Numbers? (ICANN) board of directors Tuesday approved a settlement to end a dispute with VeriSign Inc. over the latter?s ability to introduce new services.
Under the settlement, ICANN allows VeriSign to renew its contract for management of the .com registry in 2012, with US$6 from each domain registered going to ICANN. During the six years in between, VeriSign may raise domain registration fees by a maximum of seven percent in four of those six years.
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The US Depepartment of Commerce needs to step in and they should put an end to ICANN's mismanagement of the domain name system once and for all. To ensure the best interests of the public, VeriSign should be forced to enter competitive bids for future renewal of the .com and .net contracts. Those greedy fucktards at ICANN just renewed VeriSign's .net contract.