A Right of First Refusal Licence Agreement is utilized when parties wish to establish a preferential right for future transactions while maintaining flexibility. This document, governed by English and Welsh law, outlines the specific circumstances triggering the right, the process for exercising it, and the obligations of both parties. It's particularly valuable in commercial relationships where future opportunities may arise and one party wishes to secure priority access to these opportunities. The agreement typically includes detailed provisions on notice periods, valuation mechanisms, and the consequences of non-compliance.
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1. Parties: Identification and details of the contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Grant of Right of First Refusal: Core terms of the ROFR and trigger events
5. Notice Requirements: Process for notification and time periods
6. Exercise of Rights: Procedure for exercising the ROFR
7. Duration: Term of the ROFR and any renewal provisions
8. Governing Law and Jurisdiction: Applicable law and dispute resolution
1. Assignment: Rights to transfer the ROFR to other parties - include when transfer rights need to be addressed
2. Confidentiality: Protection of sensitive information - include when confidential information will be shared
3. Anti-circumvention: Provisions preventing avoidance of ROFR obligations - include when there's risk of circumvention
4. Change of Control: Impact of ownership changes on ROFR - include when corporate ownership changes might affect the agreement
1. Schedule 1: Description of Assets: Detailed description of assets subject to ROFR
2. Schedule 2: Notification Form: Template for ROFR notifications
3. Schedule 3: Pricing Mechanism: Method for determining price if ROFR is exercised
4. Appendix A: Process Flow: Flowchart showing ROFR procedure
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