Understanding specific legal and business terminology is crucial when dealing with contracts or transactions in Korea. This guide focuses on the Korean term for “right of first refusal” or “preemptive right to purchase,” providing essential vocabulary, phrases, and context to navigate related situations effectively. You’ll learn the core term, related vocabulary, how to use it in sentences, and cultural insights relevant to Korean business practices.
Table Of Content
Core Term
- Expression: 우선매수권
Pronunciation: u-seon-mae-su-gwon
Meaning: Right of first refusal / Preemptive right to purchase (Literally: priority purchase right)
Related Legal and Business Terms
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Expression: 계약
Pronunciation: gye-yak
Meaning: Contract -
Expression: 부동산
Pronunciation: bu-dong-san
Meaning: Real estate -
Expression: 주식
Pronunciation: ju-sik
Meaning: Stock / Shares -
Expression: 매매
Pronunciation: mae-mae
Meaning: Buying and selling / Sale / Purchase -
Expression: 권리
Pronunciation: gwol-li
Meaning: Right / Entitlement -
Expression: 의무
Pronunciation: ui-mu
Meaning: Obligation / Duty -
Expression: 행사하다
Pronunciation: haeng-sa-ha-da
Meaning: To exercise (a right) -
Expression: 포기하다
Pronunciation: po-gi-ha-da
Meaning: To give up / Waive / Renounce -
Expression: 제안
Pronunciation: je-an
Meaning: Offer / Proposal -
Expression: 조건
Pronunciation: jo-geon
Meaning: Condition / Term -
Expression: 법률
Pronunciation: beom-nyul
Meaning: Law / Statute -
Expression: 협상
Pronunciation: hyeop-sang
Meaning: Negotiation
Korean Expressions
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Expression: 저는 이 부동산에 대한 우선매수권이 있습니다.
Pronunciation: jeo-neun i bu-dong-san-e dae-han u-seon-mae-su-gwon-i it-seum-ni-da.
Meaning: I have the right of first refusal for this real estate. -
Expression: 계약서에 우선매수권 조항이 포함되어 있나요?
Pronunciation: gye-yak-seo-e u-seon-mae-su-gwon jo-hang-i po-ham-doe-eo it-na-yo?
Meaning: Does the contract include a right of first refusal clause? -
Expression: 그는 우선매수권을 행사하기로 결정했습니다.
Pronunciation: geu-neun u-seon-mae-su-gwon-eul haeng-sa-ha-gi-ro gyeol-jeong-haet-seum-ni-da.
Meaning: He decided to exercise his right of first refusal. -
Expression: 우선매수권을 포기할 수도 있습니다.
Pronunciation: u-seon-mae-su-gwon-eul po-gi-hal su-do it-seum-ni-da.
Meaning: You can also waive the right of first refusal. -
Expression: 우선매수권은 특정 조건 하에서만 유효합니다.
Pronunciation: u-seon-mae-su-gwon-eun teuk-jeong jo-geon ha-e-seo-man yu-hyo-ham-ni-da.
Meaning: The right of first refusal is valid only under specific conditions. -
Expression: 제3자로부터 제안을 받으면 우선매수권자에게 먼저 알려야 합니다.
Pronunciation: je-sam-ja-ro-bu-teo je-an-eul ba-deu-myeon u-seon-mae-su-gwon-ja-e-ge meon-jeo al-lyeo-ya ham-ni-da.
Meaning: If you receive an offer from a third party, you must first inform the holder of the right of first refusal. -
Expression: 우선매수권 행사 기간은 제한되어 있습니다.
Pronunciation: u-seon-mae-su-gwon haeng-sa gi-gan-eun je-han-doe-eo it-seum-ni-da.
Meaning: The period for exercising the right of first refusal is limited. -
Expression: 이 주식 매각에는 우선매수권이 적용됩니다.
Pronunciation: i ju-sik mae-gak-e-neun u-seon-mae-su-gwon-i jeok-yong-doem-ni-da.
Meaning: The right of first refusal applies to this stock sale. -
Expression: 우선매수권의 법적 효력에 대해 알아봐야 합니다.
Pronunciation: u-seon-mae-su-gwon-ui beop-jeok hyo-ryeok-e dae-hae a-ra-bwa-ya ham-ni-da.
Meaning: We need to check the legal validity of the right of first refusal. -
Expression: 임대차 계약에도 우선매수권이 포함될 수 있습니다.
Pronunciation: im-dae-cha gye-yak-e-do u-seon-mae-su-gwon-i po-ham-doel su it-seum-ni-da.
Meaning: A lease agreement can also include a right of first refusal. -
Expression: 우선매수권자는 동일한 조건으로 매수할 권리가 있습니다.
Pronunciation: u-seon-mae-su-gwon-ja-neun dong-il-han jo-geon-eu-ro mae-su-hal gwol-li-ga it-seum-ni-da.
Meaning: The holder of the right of first refusal has the right to purchase under the same conditions. -
Expression: 우선매수권 관련 분쟁이 발생했습니다.
Pronunciation: u-seon-mae-su-gwon gwal-lyeon bun-jaeng-i bal-saeng-haet-seum-ni-da.
Meaning: A dispute related to the right of first refusal has occurred.
Asking Questions about the Right of First Refusal
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Expression: 우선매수권이 정확히 무엇인가요?
Pronunciation: u-seon-mae-su-gwon-i jeong-hwak-hi mu-eot-in-ga-yo?
Meaning: What exactly is the right of first refusal? -
Expression: 이 계약에 우선매수권 조항이 있습니까?
Pronunciation: i gye-yak-e u-seon-mae-su-gwon jo-hang-i it-seum-ni-kka?
Meaning: Is there a right of first refusal clause in this contract? -
Expression: 우선매수권은 어떻게 행사할 수 있나요?
Pronunciation: u-seon-mae-su-gwon-eun eo-tteo-ke haeng-sa-hal su it-na-yo?
Meaning: How can I exercise the right of first refusal? -
Expression: 우선매수권 행사의 조건은 무엇입니까?
Pronunciation: u-seon-mae-su-gwon haeng-sa-ui jo-geon-eun mu-eot-im-ni-kka?
Meaning: What are the conditions for exercising the right of first refusal? -
Expression: 우선매수권을 포기하려면 어떻게 해야 하나요?
Pronunciation: u-seon-mae-su-gwon-eul po-gi-ha-ryeo-myeon eo-tteo-ke hae-ya ha-na-yo?
Meaning: What do I need to do to waive the right of first refusal? -
Expression: 우선매수권 행사 기간은 언제까지인가요?
Pronunciation: u-seon-mae-su-gwon haeng-sa gi-gan-eun eon-je-kka-ji-in-ga-yo?
Meaning: Until when is the period to exercise the right of first refusal? -
Expression: 제3자의 제안과 동일한 조건으로 매수해야 하나요?
Pronunciation: je-sam-ja-ui je-an-gwa dong-il-han jo-geon-eu-ro mae-su-hae-ya ha-na-yo?
Meaning: Do I have to purchase under the same conditions as the third party’s offer? -
Expression: 우선매수권이 적용되는 범위는 어디까지입니까?
Pronunciation: u-seon-mae-su-gwon-i jeok-yong-doe-neun beo-mwi-neun eo-di-kka-ji-im-ni-kka?
Meaning: What is the scope covered by the right of first refusal? -
Expression: 우선매수권 관련 법률 자문이 필요할까요?
Pronunciation: u-seon-mae-su-gwon gwal-lyeon beom-nyul ja-mun-i pi-ryo-hal-kka-yo?
Meaning: Will I need legal advice regarding the right of first refusal? -
Expression: 누가 우선매수권을 가지고 있나요?
Pronunciation: nu-ga u-seon-mae-su-gwon-eul ga-ji-go it-na-yo?
Meaning: Who holds the right of first refusal? -
Expression: 우선매수권은 양도할 수 있습니까?
Pronunciation: u-seon-mae-su-gwon-eun yang-do-hal su it-seum-ni-kka?
Meaning: Can the right of first refusal be transferred? -
Expression: 우선매수권을 행사하지 않으면 어떻게 되나요?
Pronunciation: u-seon-mae-su-gwon-eul haeng-sa-ha-ji a-neu-myeon eo-tteo-ke doe-na-yo?
Meaning: What happens if I don’t exercise the right of first refusal?
Cultural Insights: Business and Contracts
- Clarity in Contracts: Korean business culture places significant importance on clearly defined contracts. Terms like 우선매수권 (u-seon-mae-su-gwon) are taken seriously, and their conditions are usually specified in detail. Ambiguity is generally avoided.
- Common Usage: The right of first refusal is frequently encountered in real estate transactions (especially between landlords and tenants or co-owners) and in shareholder agreements for private companies. Understanding its implications is vital in these contexts.
- Negotiation Style: While contracts are formal, the negotiation process leading up to them might involve relationship-building. However, once terms like 우선매수권 are agreed upon, they are expected to be honored legally.
- Exercising Rights: Exercising or waiving a right like 우선매수권 often involves formal written notice within a specified timeframe. Missing deadlines can result in losing the right.
- Legal Counsel: For significant transactions involving such rights, both Korean nationals and foreigners often seek legal counsel (변호사 – byeo-no-sa) to ensure they fully understand their rights and obligations and follow the correct procedures.
Real Conversation Example
Situation: Two business partners, Minjun and Sora, are discussing the potential sale of Minjun’s shares in their jointly owned company. Sora holds the right of first refusal according to their shareholder agreement.
Roles:
* A: Minjun (Partner wanting to sell shares)
* B: Sora (Partner with the right of first refusal)
-
Expression: A: 소라 씨, 제 지분을 제3자에게 매각하는 것을 고려 중입니다. 좋은 제안을 받았어요.
Pronunciation: so-ra ssi, je ji-bun-eul je-sam-ja-e-ge mae-gak-ha-neun geo-seul go-ryeo jung-im-ni-da. jo-eun je-an-eul ba-dat-seo-yo.
Meaning: Sora, I’m considering selling my shares to a third party. I’ve received a good offer. -
Expression: B: 아, 그렇군요. 저희 주주 계약에 따라 제가 우선매수권을 가지고 있는 것 아시죠?
Pronunciation: a, geu-reo-kun-yo. jeo-hui ju-ju gye-yak-e tta-ra je-ga u-seon-mae-su-gwon-eul ga-ji-go it-neun geot a-si-jyo?
Meaning: Oh, I see. You know that according to our shareholder agreement, I have the right of first refusal, right? -
Expression: A: 네, 물론입니다. 그래서 먼저 알려드리는 겁니다. 제3자의 제안 조건은 다음과 같습니다…
Pronunciation: ne, mul-lon-im-ni-da. geu-rae-seo meon-jeo al-lyeo-deu-ri-neun geom-ni-da. je-sam-ja-ui je-an jo-geon-eun da-eum-gwa gat-seum-ni-da…
Meaning: Yes, of course. That’s why I’m letting you know first. The terms of the third party’s offer are as follows… -
Expression: B: 알겠습니다. 조건을 검토해 보겠습니다. 우선매수권을 행사할지 결정할 시간이 얼마나 있나요?
Pronunciation: al-get-seum-ni-da. jo-geon-eul geom-to-hae bo-get-seum-ni-da. u-seon-mae-su-gwon-eul haeng-sa-hal-ji gyeol-jeong-hal si-gan-i eol-ma-na it-na-yo?
Meaning: Understood. I will review the terms. How much time do I have to decide whether to exercise my right of first refusal? -
Expression: A: 계약서상으로는 통지받은 날로부터 30일입니다.
Pronunciation: gye-yak-seo-sang-eu-ro-neun tong-ji-ba-deun nal-lo-bu-teo sam-sip-il-im-ni-da.
Meaning: According to the contract, it’s 30 days from the date of notification. -
Expression: B: 네, 확인했습니다. 신중히 고려한 후 제 결정을 알려드리겠습니다. 우선매수권을 행사하게 된다면 동일한 조건으로 매수하겠습니다.
Pronunciation: ne, hwa-gin-haet-seum-ni-da. sin-jung-hi go-ryeo-han hu je gyeol-jeong-eul al-lyeo-deu-ri-get-seum-ni-da. u-seon-mae-su-gwon-eul haeng-sa-ha-ge doen-da-myeon dong-il-han jo-geon-eu-ro mae-su-ha-get-seum-ni-da.
Meaning: Yes, confirmed. I will consider it carefully and let you know my decision. If I decide to exercise the right of first refusal, I will purchase under the same conditions.
Practice and Application
Understanding terms like 우선매수권 (u-seon-mae-su-gwon) is key for anyone involved in Korean business or legal matters! Try reviewing the vocabulary and example sentences~. If you encounter contracts or discussions about share sales or real estate, pay close attention to see if this term appears. Practicing the pronunciation syllable by syllable (u-seon-mae-su-gwon!) will help you sound more natural. Discussing hypothetical scenarios using these phrases can also be very beneficial! Good luck with your studies!
