Right Of First Refusal Definition
Right Of First Refusal is the right that gives the option to purchase something before the offering is made available to third parties. Only if the holder refuses to purchase the described asset, is the owner allowed to offer it to others. This right may cover any kind of assets, such as real estate, interest in a business, personal property, or a patent license, but it may refer to other business transactions, for example the right to distribute a product.