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The Simple Right of First Refusal Agreement is a crucial legal instrument in Malaysian business transactions, designed to protect parties' interests in potential future deals. This document is typically used when one party wishes to secure priority rights to purchase assets, shares, or properties, while the owner wants to maintain current ownership and control. The agreement, governed by Malaysian law including the Contracts Act 1950 and relevant statutes, clearly defines the circumstances triggering the right, the notification process, and the mechanism for exercising the right. It's particularly valuable in business relationships where future transactions are anticipated but not immediately executed, providing a balanced approach to protecting both the grantor's freedom to conduct business and the holder's strategic interests.

1. Parties: Identifies and defines the parties to the agreement, including the grantor of the ROFR and the holder of the ROFR

2. Background: Sets out the context and purpose of the agreement, including description of the subject matter of the ROFR

3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules of interpretation

4. Grant of Right of First Refusal: Explicitly grants and describes the nature and scope of the ROFR

5. Trigger Events: Specifies the circumstances that activate the ROFR

6. Notice Requirements: Details the process and requirements for the grantor to notify the ROFR holder of a trigger event

7. Exercise of ROFR: Describes the process, timeframe, and conditions for exercising the ROFR

8. Purchase Price and Payment Terms: Specifies how the purchase price will be determined and payment conditions

9. Term and Termination: Defines the duration of the ROFR and circumstances for early termination

10. General Provisions: Standard contractual provisions including governing law, notices, and amendments