Arizona Right of First Refusal Clause
Description
How to fill out Right Of First Refusal Clause?
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FAQ
Because the ROFR is a contractual right, the penalties for violating the terms are based on contract law. If not given the right to refuse, the harmed party may sue for money damages or specific damages, but typically not both. Specific performance means the party is ordered to perform under the contract.
Key Takeaways. A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can. The ROFR assures the holder that they will not lose their rights to an asset if others express interest.
The right of first refusal in Texas custody cases works like this: * If either parent has a conflict and can't watch their child for any reason, they must first offer the other parent the opportunity to do so. * The other parent can agree to take the child or decline.
A first right of refusal clause will address this by simply stating that if the parent who has custody of the child has a time conflict during their time with the child, they must first see if the other parent is available to watch the child before they look into other means of childcare.
Seller ROFR Cons May take a loss: You may lose money if the price point in the contract is lower than the property's current market value. Potential lender issues: Right of first refusal can cause issues if you're considering refinancing.
Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.