Right of first refusal

{
  "id": "MLC-T-OAG-003170",
  "term": "Right of first refusal",
  "field": "Oil and gas",
  "definition": "A contractual provision that grants a specific party the option to match any bona fide offer made by a third party to purchase an asset or interest. In oil and gas, this right is common in joint operating agreements, allowing partners to acquire another partner's share if they decide to sell. The holder of the right must be given the opportunity to accept or refuse the terms of the third-party offer.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/right-of-first-refusal/"
}