Right of first refusal (ROFR) is a contractual right granted by the owner of something, that gives the holder of the right an option to enter a business transaction with the owner according to specified terms, before the owner is entitled to enter that transaction with a third party.An ROFR can cover almost any sort of asset, for example, real estate, personal property, a patent license, a screenplay, or an interest in a business. It might also cover business transactions that are not strictly assets, such as the right to enter a joint venture or distribution arrangement. In entertainment, a right of first refusal on a concept or a screenplay would give the holder the right to make that movie first -- only if the holder turns it down may the owner then shop it around to other parties.
See more at Wikipedia.org...
The right of a person or company to be offered some right before it is offered to others.
the right of a party to match the terms of a proposed contract with another party.
Free Download Now!
