If an agreement gives a party rights, e.g. to buy the shares of another party, this clause will set out the procedure for exercising that right. The first step is usually to give the other party notice that the right will be exercised, and this notice often must be given within a stated number of days of the event that ‘triggered’ the right. The clause may set out the rights of the other party to receive payment or documentation of the event, and may provide for deadlines for payment.