The duration of contracts of sale of naming rights over a public facility shall be determined in a case-by-case basis by the entity that owns the public property. However, it is hereby provided that no contract of sale of naming rights of a public facility may exceed a ten (10) year term of duration. Likewise, contracts of sale of naming rights are not renewable; they require a new negotiation process between the parties for a new execution.The naming rights over a public property conferred by virtue of a contract executed under this chapter may only be transferable with the consent of the owner of the public facility and contingent upon compliance, by the entity or person to whom transfer of naming rights is intended, with all legal and regulatory requirements that were established for the entity owning such rights for conferring the same.Furthermore, it is hereby required that all contracts executed for the sale of naming rights over a public facility include a clause establishing that in the event that the enterprise or person to whom such rights had been sold were convicted or any of its partners were convicted in Puerto Rico, or any other state or country, for the commission hat in the event that the enterprise or person to whom such rights had been sold were convicted or any of its partners were convicted in Puerto Rico, or any other state or country, for the commission of any felony or any misdemeanor, said contract shall be cancelled, and the Government of Puerto Rico shall be entitled to withhold any amount paid by the contracting entity on account of such rights. History —Nov. 26, 2007, No. 170, § 8.
Puerto Rico Legal Code