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Right of First Refusal (ROFR)
It is a right in a contract that offers a party a chance to acquire something beneficial before it is offered to a third party.
For instance,in case of shares, ROFR is the right given to a shareholder (or a set of shareholders) to have an opportunity to buy shares of the selling shareholder at the same price and terms or higher as being offered by a potential third party buyer.
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