First Refusal Clause With A Dependent Clause
Description
How to fill out Right Of First Refusal Clause?
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FAQ
Securing the right of first refusal involves negotiating this provision into your agreement at the start. You should clearly articulate your intentions and the scope of the clause, ensuring all parties understand its implications. Using resources offered by US Legal Forms can be invaluable, as they provide legal forms and guidance tailored to effectively incorporate the first refusal clause with a dependent clause into your transactions.
To remove the first right of refusal from your contract, you may draft an amendment outlining the changes. This process typically involves discussions with the other party and obtaining their consent to the amendment. Alternatively, you can also explore the option of waiting for the set period to elapse if the clause is time-bound, effectively rendering it inactive.
Exiting a right of first refusal often requires a mutual agreement with the other party involved. You can also negotiate the terms of the clause, seeking to amend or remove it entirely from the contract. Consulting with a legal professional can provide guidance on the best strategy tailored to your specific agreement and requirements.
Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction.
In the limited liability company (LLC) context, a right of first refusal (ROFR) gives the holder of the right the option to purchase a fellow member's interest after the divesting member has first received an initial bona fide offer from a third party.
For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.