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LSDefine
Simple English definitions for legal terms
concession
Read a random definition: No-answer default judgment
A quick definition of concession:
Concession: A special permission given by the government to do something or have something. It can also mean giving in to someone's request in order to reach an agreement. Sometimes, it can also refer to a discount or reduction in price. In international law, it is a contract where a country allows a foreign company to do something in their country, but only if they follow certain rules and get approval from the government.
A more thorough explanation:
Definition: A concession is a government grant that allows specific privileges. It can also refer to voluntarily yielding to a demand for the sake of a settlement, a rebate or abatement, or an international law contract in which a country transfers some rights to a foreign enterprise.
- A government grants a concession to a company to operate a toll road.
- In a negotiation, one party may make a concession to reach a compromise.
- A store may offer a concession, such as a discount or rebate, to customers who purchase a certain amount of merchandise.
- A country may enter into a concession agreement with a foreign company to allow them to mine natural resources within their borders.
These examples illustrate the different ways in which the term "concession" can be used. In the first example, a government is granting a concession to a company to operate a toll road, giving them specific privileges. In the second example, a concession is made in order to reach a settlement or compromise. The third example shows how a concession can be a rebate or discount offered to customers. Finally, the fourth example demonstrates how a concession can be an international law contract that allows a foreign company to engage in an activity within a country's borders.