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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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
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