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right of first offer


Definition
A contractual right that the seller must first give the rights holder the opportunity to purchase an asset, but does not set requirements for the transaction. The seller agrees to negotiate with the rights holder, and attempt to reach an agreement. If the seller and rights holder cannot reach an agreement, the seller may then negotiate with or sell to any other party. also called right of first negotiation.

Related Terms

right of first refusal -

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... part of the Law & Estate Planning and Real Estate subjects.

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