Right of First Refusal
Type: noun
Pronunciation: /fyts-of-furst-ree-fuse-uhl/
Also spelled or known as: First Rights of Refusal
Related: Option
What does Right of First 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.
Right of First Refusal synonyms: First Rights of Refusal, Right of First Refusal, First Opportunity Right
Example sentence: “The publisher exercised its Right of First Refusal.”
PRE-ORDER RECORDING BUSINESS DICTIONARY