Is Right to First Offer (ROFR) mandatory or automatic in business partnerships?

by bloo4107. Posted on Sep 13, 2020    1    2


Say I enter into a business partnership & venture of 50/50. Am I required to exercise ROFR? Meaning to offer him/her to buy or take over the business if I decide to sell? Or is ROFR exercised only when forming an agreement?

Thanks


Comments

hideogumpa 1

>Right to First Offer Of First Refusal (ROFR)

Regardless, either is only binding if it's in a contract.

  bloo4107 1

Thanks! So it's must be in the contract? My partner say's it's an automatic thing when going into ANY partnership 🤷🏻‍♂️