Can you assign a right of first refusal?

Most rights of first refusal allow the rightholder to purchase at the same price offered by a third party. However, parties may sometimes arrange a "fixed price" right of first refusal that permits the rightholder to preempt a third party at a prearranged price, even if the third party offers a higher price.

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Right of First Refusal and Co-Sale Agreement

San Diego California Right of First Refusal and Co-Sale Agreement

Name: San Diego California Right of First Refusal and Co-Sale Agreement
Brand: US Legal Forms
Rating: 4.83 (299 reviews)

Category:

Corporations - Technology - Investments

State:

Multi-State

County:

San Diego

Control #:

US-TC0211A

Format:

Instant download

Description

This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.

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FAQ

A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer on a particular transaction.

Right of first refusal and co-sale agreement or ROFR for short, involves an agreement or clause that mandates a party provides notice before a transaction. Additionally, this agreement requires that an option is provided for the other party to refuse this transaction.

Right of first refusal usually has a time limit placed on it, and when the time is up, any potential buyers can make an offer on the property. Quite often, a right of first refusal will last anywhere from 24-72 hours from the time another party presents an acceptable offer.

The co-sale right requires a shareholder (usually the founders or ordinary shareholders), before selling any ordinary shares to a third party (but after going through the ROFR), to allow Investors the opportunity to participate in the sale in proportion to the number of shares held by them.

Most rights of first refusal allow the rightholder to purchase at the same price offered by a third party. However, parties may sometimes arrange a "fixed price" right of first refusal that permits the rightholder to preempt a third party at a prearranged price, even if the third party offers a higher price.

Tag-along rights also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company.

People often talk about giving or getting a Right of First Refusal ("ROFR") in real estate transactions. But what is a ROFR? A simple definition might be: If the owner of the property decides to sell the property, then the person holding the ROFR gets the opportunity to buy the property on the same terms first.

An Investor Rights Agreement (IRA) is an agreement between an investor and a company that contractually guarantees the investor certain rights including, but not limited to, voting rights, inspection rights, rights of first refusal, and observer rights.

Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.

The right of first refusal applies to sales as well as rentals. And with any sale or rental, the board has the opportunity to exercise its right of first refusal or to waive that right.

More info

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San Diego California Right of First Refusal and Co-Sale Agreement

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