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Right Of First Refusal Agreement

Right Of First Refusal Agreement for Singapore

Right Of First Refusal Agreement Template for Singapore

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What is a Right Of First Refusal Agreement?

The Right of First Refusal Agreement is commonly used in Singapore's business environment when parties wish to establish preferential rights for future transactions. This document is particularly relevant when an asset owner wants to maintain current control while giving another party priority rights for future acquisition. The agreement must comply with Singapore's legal framework, including the Contract Act and relevant commercial regulations. It typically includes detailed provisions about the notification process, response timeframes, pricing mechanisms, and the specific circumstances that trigger the right of first refusal.

What sections should be included in a Right Of First Refusal Agreement?

1. Parties: Identifies and defines the contracting parties

2. Background: Sets out the context and purpose of the ROFR agreement

3. Definitions: Defines key terms used tHRoughout the agreement

4. Grant of ROFR: Core provision establishing the right of first refusal

5. ROFR Process: Details the procedure for exercising the ROFR

6. Duration: Specifies the term of the ROFR

7. Governing Law: Specifies Singapore law as governing law

What sections are optional to include in a Right Of First Refusal Agreement?

1. Asset Description: Detailed description of the asset subject to ROFR - use when the ROFR relates to specific assets

2. Consideration: Payment terms for the ROFR - use when there is a fee for granting the ROFR

3. Assignment: Rights to transfer the ROFR to other parties - use when transfer rights are relevant

4. Confidentiality: Obligations to keep information confidential - use when sensitive information is involved

What schedules should be included in a Right Of First Refusal Agreement?

1. Asset Schedule: Detailed description of assets subject to ROFR

2. ROFR Notice Format: Template for notices related to exercising the ROFR

3. Pricing Mechanism: Details of how price will be determined when ROFR is exercised

4. Permitted Transferees: List of entities to whom ROFR rights may be assigned

Authors

Alex Denne

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

alex.den.21@genieai.co
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Industries

Contract Act 1872: Fundamental legislation governing contract formation, validity, and enforcement in Singapore, including basic requirements of offer, acceptance, consideration, and intention to create legal relations

Land Titles Act: Legislation governing real property transactions and registrations in Singapore, relevant if the ROFR pertains to real estate

Residential Property Act: Regulates the purchase and ownership of residential properties in Singapore, particularly relevant for ROFRs involving residential real estate

Planning Act: Controls the development and use of land and buildings in Singapore, important for ROFRs involving property development

Housing and Development Act: Governs public housing (HDB) properties in Singapore, crucial if the ROFR involves HDB properties

Companies Act: Regulates corporate entities, including directors' duties (Section 157) and minority shareholder protection (Section 216), relevant when parties are corporations

Competition Act 2004: Ensures fair competition and prevents anti-competitive practices, must be considered to ensure ROFR terms don't create market restrictions

Electronic Transactions Act: Governs electronic signatures and digital contracts, relevant if the ROFR agreement will be executed electronically

Specific Relief Act: Provides framework for remedies in case of breach, including specific performance which may be crucial for ROFR enforcement

Limitation Act: Sets time limits for legal actions and enforcement of contractual rights

Stamp Duties Act: Governs stamp duties payable on certain transactions and documents in Singapore

Securities and Futures Act: Regulates securities and derivatives markets, relevant if the ROFR involves shares or other securities

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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