The terms right of first refusal is a part of any contract or agreement where one party gets the right to first refuse or accept any further deal related to the original contract. For example, when an author of a particular novel writes a sequel to the novel, his original publisher has the first right refusal, that is, he can accept the sequel or pass it on so that the author can approach some other publisher. Thus such agreements are very common in book deals.
Another area where the right of first refusal is often applicable is real estate deals. When the owner of the property sells it to someone else and the latter wants it sell it to another person in the future, the original owner may have the first right of refusal and the deal must be first offered back to him. All right of first refusal agreements have a specific term within which the rights holder must respond.
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Sample Right of First Refusal Agreement
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