Right of First Refusal
The right of first refusal, also known as the "last look" provision, gives the holder the right to review all other offers on a business or share of a business. The holder of the right can buy the business simply by matching the highest offer on the table. Businesses partners often grant each other the right of first approval. In those cases, when a partner wants out of the business, the remaining partners can prevent a newcomer they do not know from buying a stake in the firm.
Oct 5, 2012