Right of first refusal

Right of first refusal – in terms of the Commercial Law, the right of first refusal may be provided to a person to be the first one entitled to buy a certain object (or service) if it is ever offered for sale – usually on concrete agreed price. The owner of this right has to forward the offer to the buyer who holds the exclusive right of refusal, and only if he refuses to buy the item, then the seller may offer the item for sale towards any other third parties. The goal here is to secure the interests of the buyer who holds this exclusive right.

Posted in: R