A Simple Right of First Refusal Agreement is commonly used when parties wish to establish preferential rights in future business transactions under English and Welsh law. This document is particularly relevant when a party wants to secure priority access to purchase assets, shares, or property in the future. The agreement outlines specific triggers for the right, notification procedures, response timeframes, and consequences of exercise or non-exercise of the right. It's essential for businesses looking to protect their strategic interests while maintaining flexibility in future transactions.
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Key Requirements PROMPT example:
Simple Right Of First Refusal Agreement
"I need a Simple Right of First Refusal Agreement for my commercial property in Manchester, giving my current tenant first rights to purchase the building if I decide to sell within the next 5 years, starting from January 2025."
1. Parties: Identifies and defines the parties to the agreement
2. Background: Sets out context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Right: Core provision establishing the right of first refusal
5. Notice Requirements: Procedures for notification when right is triggered
6. Exercise of Right: Process and timeframe for exercising the right
7. Term and Termination: Duration of the right and circumstances for termination
1. Asset Description: Detailed description of asset subject to right (when right applies to specific property or asset)
2. Price Determination: Method for determining purchase price (when price isn't pre-determined)
3. Assignment: Rights to transfer the ROFR to other parties (if assignment rights are relevant)
4. Confidentiality: Provisions protecting sensitive information (when confidential information is involved)
1. Property Description: Detailed description of property if ROFR relates to real estate
2. Notice Forms: Template forms for various notices required under the agreement
3. Pricing Mechanism: Detailed methodology for price determination if applicable
Authors
Relevant legal definitions
Agreement
Asset
Business Day
Commencement Date
Completion
Confidential Information
Exercise Notice
Exercise Period
First Refusal Right
Grantor
Grantee
Notice
Offer Notice
Offer Period
Parties
Proposed Transaction
Purchase Price
Related Persons
Right of First Refusal
Subject Property
Term
Third Party
Third Party Offer
Transfer
Working Days
Asset
Business Day
Commencement Date
Completion
Confidential Information
Exercise Notice
Exercise Period
First Refusal Right
Grantor
Grantee
Notice
Offer Notice
Offer Period
Parties
Proposed Transaction
Purchase Price
Related Persons
Right of First Refusal
Subject Property
Term
Third Party
Third Party Offer
Transfer
Working Days
Clauses
Definitions and Interpretation
Grant of Right
Duration and Term
Notice Requirements
Exercise Procedure
Purchase Price
Completion Obligations
Assignment
Termination
Confidentiality
Third Party Rights
Entire Agreement
Severability
Waiver
Notices
Force Majeure
Governing Law
Jurisdiction
Variation
Costs
Further Assurance
Counterparts
Grant of Right
Duration and Term
Notice Requirements
Exercise Procedure
Purchase Price
Completion Obligations
Assignment
Termination
Confidentiality
Third Party Rights
Entire Agreement
Severability
Waiver
Notices
Force Majeure
Governing Law
Jurisdiction
Variation
Costs
Further Assurance
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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