Priority Rights

Priority rights refer to the legal benefit that allows an individual or entity to have a first chance or exclusive opportunity to take a particular action, such as purchasing rights or claiming a benefit, before others can. They protect the holder’s interests by granting them precedence in processes like auctions, negotiations, or patent filings. Essentially, priority rights ensure that the holder has a recognized advantage, often based on earlier actions or agreements, which can influence the outcome or position in future deals or legal claims.