Vertalis Business Law Glossary
Ownership & Governance
Right of First Refusal
Also called: ROFR.
By Tim Nichols
Modern Counsel for Growing Companies
In plain English
A contractual opportunity to purchase an interest or asset on specified terms before its owner completes a sale to someone else. It commonly arises after a third-party offer, unlike a right of first offer. Notice, matching requirements, deadlines, and covered transfers depend on the agreement.