Home > Terms > English, UK (UE) > Right of first refusal

Right of first refusal

Contractual right under which a seller must give a party (such as a partner) an opportunity to match (within a specified timeframe) a price at which a third party agrees to buy a specified asset (such as a certain number of shares), on the same terms offered to the third party. Compare with preemption right.

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  • Part of Speech: noun
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  • Industry/Domain: Law
  • Category: Contracts
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