right of first refusal

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right of first refusal (plural rights of first refusal)

  1. (law) A provision in a contract that permits a party to that contract or another named party to have an opportunity to purchase, use, or otherwise obtain a specified object before it is offered to any other party.
    • 1985, Richard Lourie, First Loyalty, →ISBN, p. 258:
      "Well," said the publisher, "does our last contract with whoever it is that represents Shar give us the right of first refusal on his next book?"