What do you mean by ROFR term?

Right of First Refusal(ROFR or RFR) is a contractual right granting its holder the option to perform a specific business transaction with an entity before any such transaction is offered to a third party.Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.