A concession is primarily an act of conceding or yielding something, often to reach an agreement or end a disagreement. It can involve giving up a point in an argument, allowing a privilege, or granting a right or benefit to another party
. There are several common meanings of concession:
- In negotiation or conflict: A concession is something allowed or given up, often to resolve a dispute or reach a compromise. For example, a company may make concessions to labor strikers to end a strike
- As a special price or discount: Concessions can refer to reduced prices offered to certain groups like students, elderly, or unemployed people
- In business or government rights: A concession can be a contract or authorization granted by a government or company to an individual or business to operate a subsidiary business, sell products, or exploit public goods or services for a specified period. Examples include mining concessions, highway concessions, or running a concession stand in a stadium
- In everyday use: It can also mean something done or allowed because a particular situation makes it necessary, such as wearing sensible shoes as a concession to comfort
In summary, a concession involves granting, yielding, or allowing something, whether it is a point in negotiation, a price reduction, or a right to operate a business or use resources, typically to facilitate agreement or cooperation
