ROFR
Type: noun
Pronunciation: /arr-oh-eff-arr/
Also spelled or known as: First Rights of Refusal
Related: Option
What does ROFR 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.
ROFR synonyms: First Rights of Refusal, Right of First Refusal, First Opportunity Right
Example sentence: “The publisher exercised its ROFR.”
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