A right of first refusal, or ROFR, is a common clause in contracts. It's also remarkably powerful: by giving one party exclusive access to a transaction before anybody else, an owner limits not just the actions of interested third parties, but also of themselves.
- Why ROFRs make negotiations more complicated
- What to watch for when drafting a ROFR
- What happens if a ROFR is breached
- The interesting link between ROFRs and good faith in contracts
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