first refusal

noun

1. the chance of buying a house, merchandise, etc, before the offer is made to other potential buyers

Example Sentences

But Exxon is contesting the deal, arguing that it should have had right of first refusal to buy Hess’s Guyana stake before the company struck an agreement to sell itself to Chevron.

From New York Times

Denmark’s National Museum had the right of first refusal on part of the collection and purchased seven rare coins from Bruun’s vast hoard before they went to auction.

From Seattle Times

That year, the museum also entered into a right of first refusal agreement with Kemper Holdings, which gives the group first option to purchase the building should BAM sell it.

From Seattle Times

This doesn’t mean that Chalamet can only make movies with Warner Bros., just that the studio is entitled to right of first refusal.

From Seattle Times

Both companies hold rights of first refusal for decisions regarding the oil field in question, known as the Stabroek Block.

From Seattle Times