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.

Use this term in a sentence

You should try to ask for right of first offer so that you know you will be the first one with a chance.

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The right of first offer meant that Brady must make a reasonable attempt to set up a transaction with Bill.

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If you want to make sure you have the best chance of getting something you should ask for the right of first offer.

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right of contribution right of first refusal