Simple Right Of First Refusal Agreement Template for Ireland

The Simple Right Of First Refusal Agreement is a crucial document used in various commercial and property transactions in Ireland. It is particularly relevant when parties wish to establish preferential rights for future transactions while maintaining current ownership arrangements. This agreement type is commonly used in real estate transactions, business sales, or shareholder arrangements where the owner wants to maintain control while giving another party priority rights to purchase. The document outlines the specific circumstances triggering the right, notification procedures, timeframes for response, and terms of exercise, all within the framework of Irish law. It provides protection for the right holder while ensuring the owner retains flexibility in their eventual disposition of the asset. The agreement must comply with Irish contract law principles and, where applicable, the Land and Conveyancing Law Reform Act 2009.

1. Parties: Identifies and defines the parties to the agreement - the grantor (party giving the right) and grantee (party receiving the right)

2. Background: Sets out the context of the agreement and the intention to grant a right of first refusal

3. Definitions: Defines key terms used throughout the agreement including 'Offer Notice', 'Right of First Refusal', 'Subject Matter', and 'Exercise Period'

4. Grant of Right: The core provision that establishes the right of first refusal and its basic parameters

5. Notice Requirements: Details how the grantor must notify the grantee of any third-party offers

6. Exercise of Right: Specifies the process and timeframe for the grantee to exercise their right of first refusal

7. Purchase Price and Terms: Explains how the purchase price will be determined and key terms of the potential sale

8. Duration and Termination: Specifies how long the right of first refusal remains valid and circumstances for termination

9. Assignment: States whether the right can be assigned to other parties

10. Governing Law: Specifies that Irish law governs the agreement

11. Entire Agreement: Standard clause confirming this document represents the entire agreement between parties