What does concession mean in a contract?

Key Takeaways. A concession agreement is a contract that gives a company the right to operate a specific business within a government’s jurisdiction or on another firm’s property, subject to particular terms.

What is concession acceptance?

1a : the act or an instance of conceding (as by granting something as a right, accepting something as true, or acknowledging defeat) The union will seek further concessions before accepting the contract. b : the admitting of a point claimed in argument. 2 : something conceded or granted: a : acknowledgment, admission.

What are the different types of concession agreement?

There are different types of concession contracts, including: ex-leasing, franchise, build- operate-transfer (BOT) etc. Private finance initiatives (PFIs) may also be considered similar to concessions.

How do you use concession in a sentence?

Concession sentence example

  1. This concession involved important consequences.
  2. Genoa determined to oppose the concession , and war broke out.
  3. But even this concession did not satisfy them; they dethroned Selim and proclaimed his nephew Mustafa.

How does concession work?

Seller concessions are closing costs the seller agrees to pay. They can make a home more affordable for the buyer, and they can help the seller close the deal. Work with your real estate agent to decide whether you have a good opportunity to ask the seller for concessions.

What is an example of a concession?

When you are negotiating and you give in to something that the other side wants, this is an example of a concession. If the government gives tax credits to special interest groups, the tax credits are an example of a concession.

What is the difference between admission and concession?

As nouns the difference between concession and admission is that concession is the act of conceding, especially that of defeat while admission is the act or practice of admitting.

Is concession agreement a works contract?

works concession contract means a works contract the performance of which is compensated, in whole or in part, by a grant of a right to exploit the object of such contract.

How do you write a concession statement?

Presenting the other side and then arguing against it with valid points can make it a very strong piece of writing. Acknowledging the other side demonstrates respect for the other opinion. The concession writing technique is also known used as a method of persuasion and reasoning.

What are concessions in negotiation?

Negotiation Concessions are also sometimes referred to as ‘trade-offs’ where one or more parties to a negotiation engage in conceding, yielding, or compromising on issues under negotiation and do so either willingly or unwillingly.