Puerto Rico 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
Right of first refusal (RFR or ROFR) has multiple meanings: 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.
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 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.
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 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.
In some cases, a right of first refusal may give the holder the right to purchase the property at a specified ?bargain? price. Such provisions may be held unenforceable, especially if it is apparent that the specified price is significantly less than fair market value.
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.
The right of first refusal (ROFR) can be a valuable tool in venture capital, allowing fund managers to control their stakes in portfolio companies by securing the privilege to buy newly issued shares before anyone else.