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First Refusal Agreement

First Refusal Agreement Template for Singapore

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Key Requirements PROMPT example:

First Refusal Agreement

"Need a First Refusal Agreement under Singapore law for my tech startup's IP assets, giving our main investor priority rights to purchase if we decide to sell any patents or software rights in the future."

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What is a First Refusal Agreement?

First Refusal Agreements are commonly used in Singapore business transactions where parties wish to establish preferential rights for future dealings. This document is particularly relevant when businesses want to maintain control over future ownership or participation rights, whether in property, shares, or other assets. The agreement must comply with Singapore contract law and may need to address specific regulatory requirements depending on the subject matter. First Refusal Agreements are especially valuable in joint ventures, property development, and corporate structuring, providing a structured framework for future transactions while protecting the interests of both parties.

What sections should be included in a First Refusal Agreement?

1. Parties: Identifies and defines the parties to the agreement

2. Background: Sets out the context and purpose of the agreement

3. Definitions: Defines key terms used tHRoughout the agreement

4. Grant of Right of First Refusal: Core provision establishing the right of first refusal

5. Notice Requirements: Procedures for notification when the right is triggered

6. Exercise Period: Timeframe within which the right must be exercised

7. Price and Payment Terms: How price will be determined and payment made

8. Term and Termination: Duration of the agreement and termination provisions

9. Governing Law: Specifies Singapore law as governing law

What sections are optional to include in a First Refusal Agreement?

1. Asset Description: Detailed description of the subject matter - used when the right relates to specific assets

2. Valuation Mechanism: Process for determining fair market value - used when price isn't pre-determined

3. Assignment: Rights to transfer the agreement to other parties - used when transfer rights are important

4. Confidentiality: Provisions protecting sensitive information - used when confidential information is involved

What schedules should be included in a First Refusal Agreement?

1. Asset Schedule: Detailed description of assets subject to the right

2. Form of Notice: Template for triggering notice

3. Pricing Formula: If applicable, formula for determining price

4. Related Agreements: Any existing agreements referenced

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























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Industries

Contract Act 1872: Primary legislation governing contract formation, enforcement, and general principles of contract law in Singapore

Land Titles Act: Legislation governing real property transactions and registration of land titles in Singapore, relevant if the first refusal agreement involves real estate

Residential Property Act: Regulates the purchase and ownership of residential properties in Singapore, particularly relevant for foreign ownership restrictions

Companies Act: Primary legislation governing company operations and share transfers in Singapore, relevant if the first refusal agreement involves company shares

Securities and Futures Act: Regulates securities trading and financial markets, applicable if the first refusal rights involve publicly traded shares

Competition Act: Ensures fair competition and regulates anti-competitive practices, must be considered to ensure the first refusal agreement doesn't create market restrictions

Stamp Duties Act: Governs the payment of stamp duties on documents and transactions, may apply to the registration of the first refusal agreement

Housing and Development Act: Governs public housing (HDB) properties and their transactions, relevant if the first refusal agreement involves HDB properties

Planning Act: Controls land use and development in Singapore, relevant for first refusal agreements involving property development rights

Common Law Principles: Legal principles derived from case law covering contract formation, privity of contract, restraint of trade, and remedies for breach

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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