Question by  sunil (17)

What is a first right of refusal?


Answer by  Gabriel (2146)

Right of first refusal is a contractual right that gives its holder the option to enter a business transaction with the owner of something, before the owner can offer it to someone else. Basically it gives you first shot at making a deal before the offer goes public. It may also be called the right of first negotiation.


Answer by  fredmcsheep (51)

You can be offered the 'first right of refusal' when a deal (say, a house sale) between two people (or companies) has been agreed but not been completed. If the deal fails through, then the deal is offered to the person with the first right of refusal. Only if that person chooses to not proceed, is the deal offered elsewhere.


Answer by  tamarawilhite (17883)

If you write a book or create another work and a publisher publishes it, they often ask for a first right of refusal on your next work. They would then get the first choice of your next work, with the option to publish it if they accept it. If they reject it, you can go elsewhere to publish the work.

You have 50 words left!