Civil Transactions Law

The right of first refusal shall be forfeited in the following cases: a) If the holder of the right of first refusal explicitly or implicitly relinquishes such right, even if such relinquishment is made prior to the sale. b) If the holder of the right of first refusal fails to notify the seller and the buyer of his desire to exercise such right within 10 days from the date of being notified by either the seller or the buyer regarding the exercise of such right, provided that such notification includes sufficient information about the buyer, the sold property, the price, and the terms of the sale contract. Civil Transactions Law c) If the holder of the right of first refusal does not file a right of first refusal claim within 30 days from the date of notifying the seller and the buyer of his desire to exercise such right.