New York Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-360B
• Format: Word; Rich Text

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. The New York Right of First Refusal Clause is a legal provision aimed at protecting the interests of certain parties in a variety of situations. It grants a specific party the first opportunity to purchase or lease a property before the owner can sell or lease it to someone else. This clause is commonly used in different contexts, such as real estate, commercial contracts, and joint ventures, among others. In real estate, the New York Right of First Refusal Clause can be included in a lease agreement, granting a tenant the right to match or exceed offers made by third parties. This ensures that the tenant has the first chance to acquire the property if the landlord decides to sell. Another type of Right of First Refusal Clause applies to joint ventures or business partnerships. In this case, each party involved in the venture may have the right to purchase their co-owner's interested in the business, should they decide to sell it. This clause helps maintain control and prevent outsiders from interfering with the partnership. In commercial contracts, a Right of First Refusal Clause may be included to provide a party with the opportunity to match another party's offer when certain assets, such as stocks, shares, or intellectual property, are being sold or assigned. This protects the party's interests and allows them to maintain their involvement in the asset if they so desire. The New York Right of First Refusal Clause is designed to promote fairness and protect the rights of specific parties in various legal contexts. It ensures that these parties have the chance to acquire property, business interests, or assets on preferential terms, and prevents others from bypassing their rights. When drafting such clauses, it is important to seek legal advice to ensure that they are properly formulated and adhere to New York state laws.

The New York Right of First Refusal Clause is a legal provision aimed at protecting the interests of certain parties in a variety of situations. It grants a specific party the first opportunity to purchase or lease a property before the owner can sell or lease it to someone else. This clause is commonly used in different contexts, such as real estate, commercial contracts, and joint ventures, among others. In real estate, the New York Right of First Refusal Clause can be included in a lease agreement, granting a tenant the right to match or exceed offers made by third parties. This ensures that the tenant has the first chance to acquire the property if the landlord decides to sell. Another type of Right of First Refusal Clause applies to joint ventures or business partnerships. In this case, each party involved in the venture may have the right to purchase their co-owner's interested in the business, should they decide to sell it. This clause helps maintain control and prevent outsiders from interfering with the partnership. In commercial contracts, a Right of First Refusal Clause may be included to provide a party with the opportunity to match another party's offer when certain assets, such as stocks, shares, or intellectual property, are being sold or assigned. This protects the party's interests and allows them to maintain their involvement in the asset if they so desire. The New York Right of First Refusal Clause is designed to promote fairness and protect the rights of specific parties in various legal contexts. It ensures that these parties have the chance to acquire property, business interests, or assets on preferential terms, and prevents others from bypassing their rights. When drafting such clauses, it is important to seek legal advice to ensure that they are properly formulated and adhere to New York state laws.