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In this video, the speaker discusses a critical aspect of publishing contracts with university presses: the "right of first refusal." This common clause grants the publisher the first opportunity to publish an author's next book after their initial work. If accepted, the author is obligated to publish with that publisher; if declined, they can consider other options. The speaker emphasizes that this clause should always be rejected, as it can limit an author's choices. They advise first-time authors to be cautious, as it’s easy to overlook this important detail when excited about their first publishing contract.