Common use of Advance Notice of Proposed Terms and Right of First Refusal Clause in Contracts

Advance Notice of Proposed Terms and Right of First Refusal. If Franchisee, or any shareholder, member, or partner of Franchisee, has received and desires to accept a signed bona fide written offer from a third party to acquire Franchisee’s franchised business, then before making any binding commitment regarding such Transfer, Franchisee will notify BRCB and provide BRCB with a complete copy of the offer, which must include for every proposed (1) name, address and telephone number; (2) business experience and present occupation; and (3) credit rating and financial status. Franchisee must also include information as to the identity of all who will own an interest in the franchised business after the completion of the Transfer, their respective interests, and the proposed terms and conditions of sale and payment.