About: Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers. A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can.
Detail: The ROFR assures the holder that they will not lose their rights to an asset if others express interest.
