Washington 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
A right of first refusal in the child custody context means that when a parent needs childcare during their regular parenting time, they must first offer the opportunity to the other parent before seeking outside help.
A right of first refusal is a clause used in contracts that allows one party the first opportunity to make an offer on a property. It is basically ?first dibs? in legal form.
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.
A right of first refusal?often abbreviated as ?ROFR? (pronounced ?roafer?)?gives the holder of the right ?first dibs? on any potential share sale. Also known as a ?last look? provision, ROFRs are a common feature in venture financings.
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.
The right of first refusal requires that the other parent be given the opportunity to care for the child when the parent with residential time is unavailable. A right of first refusal is generally only used when the parents have been cooperative and shown an ability to co-parent.
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.
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.