A concession can refer to different things depending on the context. Here are some of the most common meanings:
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Concession agreement: A concession agreement is a grant of rights, land, or property by a government, local authority, corporation, individual, or other legal entity. Public services such as water supply may be operated as a concession).
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Grant of land or property: A concession can also refer to a grant of land or property by a government in return for services or for a particular use.
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Act of conceding: Concession can also mean the act of conceding or yielding, as a right, a privilege, or a point or fact in an argument.
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Special right or privilege: A concession can be a special right or privilege that is given to someone.
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Arrangement to sell a product or run a business: In the business context, a concession is an arrangement where someone is given the right to sell a product or to run a business, especially in a building belonging to another business.
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Incentive or discount: In the real estate context, a concession is an incentive or discount offered during a real estate transaction, which could include either concessions related to residential or commercial property.
In summary, a concession can refer to a grant of rights, land, or property, an act of conceding, a special right or privilege, an arrangement to sell a product or run a business, or an incentive or discount offered during a real estate transaction.
