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Right of first refusal ((See Chapter 40 of the Vernimmen))
Right of first refusal is the right to be offered something before somebody else. For example, the goods manufactured by an outsourced (see outsourcing) production entity are first offered to the company. If the company refuses to buy the finished goods, the SPV set up in an outsourcing scheme will sell them to a third party.
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Definition of Right of first refusal - Finance dictionary
