Delaware Clauses Relating to Transfers of Venture interests - including Rights of First Refusal
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How to fill out Clauses Relating To Transfers Of Venture Interests - Including Rights Of First Refusal?
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FAQ
If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. The agreement gives the two co-chairmen first refusal on each other's shares.
If the tenant decides not to exercise that tenant's option, upon the expiration of the 90-day period, the option shall convert into a right of first refusal, meaning that the property shall not be sold to any other purchaser at any time, at any price or terms without first having been offered on the same terms to the ...
The ROFR is part of the stock purchase agreement that is signed during a venture capital fund raise. It requires any shareholder who wants to sell stock - common stock, preferred stock, etc. - to give the VCs the right to purchase those shares before allowing any other party to buy them.
The clause requires the grantor of the right to offer contract terms to the grantee before it can conclude a contract on the same terms with a third party.
In the context of a corporation, an ROFR is a contractual obligation of a shareholder to offer to sell its shares to the other holders (or sometimes back to the corporation) after receiving a bona fide offer to purchase from a third party.
In a typical right of first refusal, a shareholder wishing to sell his or her shares must first strike a deal with a third party to sell his or her shares. That third party has to commit to the basic terms of a purchase of some or all of the shareholder's shares.
Simply put: A ROFR provides the non-selling shareholders with a right to either accept or refuse an offer from a selling shareholder after the selling shareholder has received a third party offer for its shares.
In real estate, the right of first refusal is a clause in a contract that gives a prioritized, interested party the right to make the first offer on a house before the owner can negotiate with other prospective buyers.