Right of First Refusal

The Right of First Refusal, also commonly referred to as ROFR or RFR, is a valuable privilege granted to individuals who are involved in initiating business deals. It allows them to have priority over others when it comes to considering and deciding on potential sales of equity shares in a company. In the context of venture deals, investors are often provided with this provision as it enables them to exercise their authority by either approving or declining any potential sale of equity shares within the company.