Preferential right to purchase

{
  "id": "MLC-T-OAG-002902",
  "term": "Preferential right to purchase",
  "field": "Oil and gas",
  "definition": "A contractual clause, commonly found in joint operating agreements, that gives a party the first opportunity to buy an interest being offered for sale by another party. Before selling to an outside buyer, the selling party must offer the interest to the other parties on the same terms and conditions. This right is also known as a right of first refusal.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/preferential-right-to-purchase/"
}