right of first refusal
Definition
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.
Mentioned in these definitions
Popular 'Agreements & Contracts' Terms
right of first refusal in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/right-of-first-refusal.html
