Right of First Negotiation
Type: noun
Pronunciation: /ryt-uhv-furst-nuh-goh-shee-ay-shun/
Also spelled or known as: ROFN
Related: ROFN, First Right of Refusal, Matching Right
What does Right of First Negotiation mean? A contractual right requiring one party to negotiate exclusively with another party before seeking or accepting offers from third parties.
Unlike a right of first refusal, a right of first negotiation does not guarantee the opportunity to match another offer because outside negotiations generally cannot begin until the initial negotiation period has ended.
Right of First Negotiation synonyms: ROFN, Exclusive Negotiation Right, Initial Negotiation Right
Example sentence: “The publisher exercised its right of first negotiation before the songwriter approached other companies.”
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