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Right of last refusal

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Definition Edit

A right of last refusal (sometimes call the right of first refusal) gives one party to a contract the right to accept any bona fide offer made by a third party for some right, such as a license or for the sale of tangible or real property.

Sample clause Edit

If the patent holder receives a bona fide offer to sell the identified patent to a third party, Company (or its assignee(s)) shall have a right to acquire the patent on the same terms and conditions as offered by such third party.

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