Guam Clauses Relating to Transfers of Venture interests - including Rights of First Refusal
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FAQ
Is the right of first refusal a good idea? The right of first refusal can be a good idea in that it allows a potential buyer to have first dibs on a property, providing a sense of security and control. Sellers don't have to worry about listing the property and can save it for preferred buyers.
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.
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.
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.
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.
This contractual right, also known as ROFR, gives an individual or an entity the option to participate in a business transaction before that opportunity is offered to a third party.
Generally, ROFRs provide that if an owner receives a bona fide offer to buy its property on terms it wishes to accept, the owner must give the ROFR holder notice of the offer and the opportunity to match it. The ROFR holder has no obligation to match the offer and it can refuse to do so.
Before the stock is sold to an outside buyer or party, the right of first refusal allows a business to buy it from an employee or owner. As a result, an outside buyer can be prevented from gaining voting rights or an ownership share in the company, allowing the business owners to maintain control over it.