Upon receipt of a notice to exercise ROFR, you must determine the criteria of when the notice is required,  In the example provided I'm told it required a one year notice therefore if the contract terminated 10/31/02, notice was due 10/31/01.
Therefore 10 days after 10/31/01 the capacity must be posted for bidding.
In the interim, since it has not yet been posted a transaction could be negotiated and the shipper would then be required to provide notice of resinding the original election to participate in the Rofr process.
If this isn't clear, please call    MK

TW ROFR