First Refusal Agreements are crucial instruments in Danish business and property transactions, providing a structured framework for securing preferential rights in future dealings. These agreements are particularly valuable when parties want to maintain strategic control over asset transfers or business ownership changes while ensuring compliance with Danish legal requirements. The document typically includes detailed provisions on triggering events, notice requirements, exercise procedures, and pricing mechanisms. Under Danish law, a First Refusal Agreement must carefully balance the interests of all parties while ensuring enforceability and clarity in its terms. The agreement can be tailored to various contexts, from real estate transactions to corporate share transfers, and must account for relevant sector-specific regulations and registration requirements where applicable.
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Key Requirements PROMPT example:
First Refusal Agreement
I need a First Refusal Agreement for my commercial property in Copenhagen, granting my current tenant the right to purchase the building before I can sell it to any third party, with the right lasting until March 2025.
1. Parties: Identification of the grantor of the right of first refusal and the beneficiary
2. Background: Context of the agreement and the relationship between the parties
3. Definitions: Key terms used throughout the agreement, including 'Offer', 'Subject Matter', 'Exercise Period', etc.
4. Grant of Right of First Refusal: Core provision establishing the right of first refusal and its scope
5. Subject Matter: Detailed description of the asset(s) subject to the right of first refusal
6. Triggering Events: Circumstances that activate the right of first refusal
7. Notice Requirements: Procedures for notifying the beneficiary of a triggering event and third-party offer
8. Exercise Procedure: Process and timeframe for exercising the right of first refusal
9. Purchase Price and Payment Terms: Determination of purchase price and payment conditions upon exercise
10. Duration: Term of the agreement and any renewal provisions
11. Termination: Circumstances under which the agreement may be terminated
12. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
13. Signatures: Execution blocks for all parties
1. Registration Rights: Include when the right needs to be registered (especially for real estate)
2. Assignment: Include when transfer of rights needs to be specifically addressed
3. Confidentiality: Include when sensitive information will be exchanged
4. Tag-Along Rights: Include in corporate contexts where minority shareholder protection is relevant
5. Dispute Resolution: Include when parties want to specify arbitration or mediation procedures
6. Representations and Warranties: Include when specific assurances about the subject matter are needed
7. Right of First Offer: Include when parties want to combine with ROFO provisions
1. Description of Subject Matter: Detailed technical or legal description of the assets subject to the right
2. Form of Offer Notice: Template for the formal notice of third-party offer
3. Form of Exercise Notice: Template for exercising the right of first refusal
4. Valuation Methodology: If applicable, detailed procedures for determining fair market value
5. Related Agreements: List and copies of any related agreements referenced in the main agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Corporate/M&A
Private Equity
Commercial Property
Retail
Manufacturing
Technology
Agriculture
Energy
Professional Services
Construction
Infrastructure
Relevant Teams
Legal
Corporate Development
Real Estate
Mergers & Acquisitions
Commercial
Business Development
Property Management
Investment
Compliance
Strategy
Operations
Relevant Roles
Legal Counsel
Corporate Lawyer
Real Estate Manager
Business Development Director
Chief Executive Officer
Chief Legal Officer
Property Manager
Investment Manager
Commercial Director
Mergers & Acquisitions Director
Contract Manager
Real Estate Developer
Asset Manager
Corporate Secretary
Business Owner
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