New Hampshire Right of First Refusal Clause
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How to fill out Right Of First Refusal Clause?
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FAQ
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.
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.
The Cons: For buyers, the ROFR can last only for a limited time in which they have to act. If the buyer with the right is unable to put an offer or negotiate with the seller within the time frame, they will lose this right and the seller would have the right to accept offers from other potential buyers.
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.
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.
There are some drawbacks for buyers as well: Limited decision window. The typical ROFR agreement has a time limit, so when the seller decides to put their property up for sale, and it's something you want, there isn't much time before you to decide and you don't know when another opportunity will come along.
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.