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Right Of First Refusal Agreement

Right Of First Refusal Agreement Template for Pakistan

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Key Requirements PROMPT example:

Right Of First Refusal Agreement

"I need a Right of First Refusal Agreement under Pakistani law for a commercial property in Lahore, where my company will have the first right to purchase the adjacent warehouse space if the current owner decides to sell within the next 5 years."

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Document background
The Right of First Refusal Agreement is a strategic legal instrument used in Pakistani business and property transactions to provide preferential rights to specific parties. This document is essential when stakeholders want to maintain control over who can acquire certain assets or interests, while still preserving the owner's ability to sell. Common applications include real estate transactions, share transfers in closely-held companies, and business asset sales. The agreement must comply with Pakistani legal requirements, including the Contract Act 1872 and relevant property laws. It typically includes detailed provisions on notice requirements, valuation mechanisms, exercise periods, and completion procedures. This document is particularly valuable in family businesses, joint ventures, and strategic partnerships where parties wish to protect their long-term interests while maintaining flexibility for future transactions.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement and relationship between the parties

3. Definitions and Interpretation: Definitions of key terms and rules for interpreting the agreement

4. Grant of Right of First Refusal: Core provision establishing the ROFR and its scope

5. Notice Requirements: Procedures for notifying the ROFR holder of a proposed sale

6. Exercise Period: Timeframe and process for exercising the ROFR

7. Purchase Price and Payment Terms: How the purchase price will be determined and paid if ROFR is exercised

8. Terms of Sale: Conditions and requirements for completing the sale if ROFR is exercised

9. Expiration and Termination: When and how the ROFR rights end

10. Assignment and Transfer: Restrictions on transferring ROFR rights

11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes

12. Notices: How formal notices under the agreement must be given

13. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.

Optional Sections

1. Asset-Specific Provisions: Additional terms specific to the type of asset (real estate, shares, etc.) - include when ROFR covers specific types of assets

2. Valuation Mechanism: Detailed process for determining fair market value - include when price determination needs specific methodology

3. Tag-Along Rights: Rights of other stakeholders to participate in the sale - include in corporate or business asset contexts

4. Shariah Compliance: Specific provisions ensuring compliance with Islamic law - include when parties require explicit Shariah compliance

5. Registration Requirements: Provisions regarding registration of the ROFR - include for real estate or registered assets

6. Competition Compliance: Provisions ensuring compliance with competition laws - include for large commercial transactions

7. Tax Provisions: Specific provisions dealing with tax implications - include when significant tax considerations exist

Suggested Schedules

1. Schedule 1 - Asset Description: Detailed description of the asset(s) subject to the ROFR

2. Schedule 2 - Notice Format: Template for the notice of proposed sale

3. Schedule 3 - Exercise Notice: Template for exercising the ROFR

4. Schedule 4 - Valuation Procedures: Detailed procedures for determining asset value if required

5. Appendix A - Required Documents: List of documents required for transfer upon ROFR exercise

6. Appendix B - Regulatory Requirements: Summary of applicable regulatory requirements and approvals needed

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses






























Relevant Industries

Real Estate

Commercial Property

Manufacturing

Retail

Technology

Agriculture

Mining

Financial Services

Professional Services

Family Business

Construction

Healthcare

Education

Hospitality

Energy

Relevant Teams

Legal

Corporate Affairs

Business Development

Real Estate

Mergers & Acquisitions

Compliance

Risk Management

Property Management

Commercial Operations

Finance

Relevant Roles

Chief Executive Officer

Managing Director

Legal Counsel

Corporate Lawyer

Business Development Manager

Property Manager

Investment Director

Company Secretary

Real Estate Manager

Compliance Officer

Risk Manager

Commercial Director

Operations Manager

Finance Director

Strategy Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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