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Right of First Refusal

Right of First Refusal defined: Right of first refusal is a contractual obligation by an owner of an asset to offer the initial purchase option to the holder of the rights prior to offering the asset for sale to third parties. The right of a party to purchase an asset before it is made available for purchase to others.

Above is a definition for “Right of First Refusal” from PrivCo’s Private Company Knowledge Bank, the definitive online and e-book guide to private companies and private company deals.

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