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NRL documentation: Last Right of Negotiation clause
Every player must provide his incumbent Club with a last right of negotiation for a 10-day period from the date of notice that the player has received an offer from a rival Club, and that offer has been submitted to the NRL, that he is prepared to accept. In order to give effect to this clause:
a) the player must provide notice to his incumbent Club that he has an offer that he will accept in 10 days’ time (subject to negotiations with his incumbent Club);
b) the Club can then engage in contract negotiations with the player for a period of up to 10 days, or the Club may waive its rights in writing (at which point the player is free to sign with the rival Club);
c) the offer from the rival NRL Club must be an official offer and submitted to the NRL Salary Cap Auditor (the contents of which will remain confidential, but the NRL Salary Cap Auditor can provide verification to the incumbent Club that an official offer has been received). The offer must remain open for acceptance for a minimum of 14 days, and for at least 48 hours beyond the expiry of the 10-day negotiation period with the incumbent Club. There is no requirement for the player to disclose the terms of the offer to his incumbent Club;
d) at the expiry of the 10 days, the player may sign (or reject) the offer from the rival Club.