First Right of Refusal
Type: noun
Pronunciation: /furst-ryt-uhv-ruh-fyoo-zul/
Also spelled or known as: ROFR
Plural: First Rights of Refusal
Related: Option
What does First Right of Refusal mean? A contractual right allowing one party the opportunity to match or accept an offer before the owner can accept a competing offer elsewhere.
This provision is common in recording, management, publishing, and investment agreements.
First Right of Refusal synonyms: ROFR, Right of First Refusal, First Opportunity Right
Example sentence: “The publisher exercised its first right of refusal.”
PRE-ORDER RECORDING BUSINESS DICTIONARY