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Simple Right Of First Refusal Agreement
"I need a Simple Right of First Refusal Agreement for my commercial property in Manchester, giving my current tenant first rights to purchase the building if I decide to sell within the next 5 years, starting from January 2025."
1. Parties: Identifies and defines the parties to the agreement
2. Background: Sets out context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Right: Core provision establishing the right of first refusal
5. Notice Requirements: Procedures for notification when right is triggered
6. Exercise of Right: Process and timeframe for exercising the right
7. Term and Termination: Duration of the right and circumstances for termination
1. Asset Description: Detailed description of asset subject to right (when right applies to specific property or asset)
2. Price Determination: Method for determining purchase price (when price isn't pre-determined)
3. Assignment: Rights to transfer the ROFR to other parties (if assignment rights are relevant)
4. Confidentiality: Provisions protecting sensitive information (when confidential information is involved)
1. Property Description: Detailed description of property if ROFR relates to real estate
2. Notice Forms: Template forms for various notices required under the agreement
3. Pricing Mechanism: Detailed methodology for price determination if applicable
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