right of first refusal |
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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.
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right of first refusal is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.
right of first refusal appears in the definition of the following term: stock purchase agreement
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