Right of First Refusal Clause Sample: A Comprehensive Guide
A Right of First Refusal (ROFR) clause grants a party preferential rights to purchase or lease an asset before it's offered to others. While seemingly straightforward, ROFRs require careful drafting and understanding to avoid costly legal disputes. This guide provides a practical understanding of ROFRs, offering actionable steps for creating and negotiating effective clauses. Understanding Your Right of First Refusal (ROFR) A ROFR essentially provides a preemptive right. If the owner decides to sell or lease an asset, the ROFR holder gets the first opportunity to match any competing offer....