first refusal

British  

noun

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

---

Example Sentences

SpaceX, like many other private firms, typically holds the right of first refusal.

From MarketWatch

Forge noted that the right of first refusal process must be completed before trades on its platform are completed.

From MarketWatch

Negotiations that will follow are expected to include a potential U.S. agreement with Denmark about stationing forces at bases in Greenland and giving America right of first refusal over investments in the island’s mineral resources, according to European officials.

From The Wall Street Journal

On top of its initial lease, AMD holds an option for an additional 75 megawatts of capacity and a right of first refusal for another 100 megawatts.

From Barron's

The suit alleged that his company made fraudulent purchase offers for spectrum licenses held by U.S. schools that were inflated to trigger “right of first refusal” agreements T-Mobile had with the schools.

From The Wall Street Journal