Silicon Valley Self Regulation
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Right of First Refusal

photo by Robert S. Donovan

photo by Robert S. Donovan

Right of First Refusal

description

“Right of First Refusal” (ROFR) is a contractual right that entitles a defined entity to the opportunity to take a defined action prior to any other outside entities being given the ability to bid for that action/business transaction.

helpful resources

Right of First Refusal selection at Investopedia

Right of First Refusal in Company Bylaws at Startup Lawyer

Casey Riggs's Venture Capital Term Sheet Negotiation Part 15: Rights of First Refusal and Co-Sale at Strictly Business