concession
Definitions (2)
1. Commerce: Grant of exclusive privileges (such as to be the only seller of a good or service) by a government authority or by the owner of a singular property (such as an airport, amusement park, hotel) to a grantee. Also called a concessionaire, the grantee carries out a commercial undertaking (such as a restaurant), and pays a rent or a certain percentage of the sales or earnings to the grantor.
2. Negotiations: Yielding of a position, privilege, or right, by a party to induce the another party to respond similarly by yielding an equivalent position, right, or privilege.
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