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The American Heritage Dictionary of Business Terms » right of first refusal
right of first refusal
right of first refusal definition - business
right of first refusal
An arrangement that allows a party to purchase an asset by matching the offer of any other potential buyer. For example, a lease agreement may give the lessee the right of first refusal to purchase the leased asset in the event the lessor decides to sell at the termination of the lease.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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