right of first refusal  

The right of first refusal is a contractual right of a legal person or a person to accept a future (business) offer from another party before this offer can be presented to a third party. The offer can involve the sale of share The portion of registered capital of a private or public limited company
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shares
or property but can also involve other business contracts like a cooperation or a lease. This right is commonly used in Dutch contracts.

The entity who has the right of first refusal is not required to accept the offer. The other party, however, is only allowed to offer the business opportunity to a third party after the offer is refused by the entity with the right of first refusal.

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