first refusal

noun

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

Example Sentences

“They offered no advance. The clause that I really should have taken out was the right of first refusal, which boxed me in,” she explained.

Read more on Slate

Microsoft no longer has “right of first refusal” to be its computing-power provider, meaning that OpenAI does not have to ask Microsoft first before going to other vendors such as Oracle Corp.

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OpenAI has also committed to purchasing $250 billion in Azure cloud services from the tech giant, though Microsoft no longer holds first refusal rights as OpenAI's compute provider.

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Only Kroenke, a minority owner in the franchise at the time, surprisingly swooped in by exercising his right of first refusal.

Read more on The Wall Street Journal

Microsoft has the right of first refusal to sell additional AI cloud capacity to OpenAI.

Read more on Barron's