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First Refusal Agreement


Right of first refusal is a legal contract between and buyer and a seller that gives the holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party when the holder matches offers from third parties, within a stated time period. The right to first refusal binds the person with whom you are transacting to transact with you first, before transacting with a third party.