Corporate name right there right of first refusal or first right of refusal, what the meaning of this right?

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Right of First Refusal

Right of first refusal allows a company or someone to buy anything before because the displays on others, as well as Jq pre-emption or right of first refusal may be granted to a company or a person, but maybe also allows matching the other offerings and give priority to the purchase.

This procedure is frequently used in real estate transactions, or buy small-cap stocks.