concession
This term describes a strategic surrender or a granted privilege, often carrying a sense of compromise. In negotiations, it implies a trade-off where one party gives up something to reach an agreement or appease an opponent.
In commercial or legal contexts, it refers to a formal grant of rights, such as the authority to extract minerals from land or the right to sell goods within a venue. In the UK and other Commonwealth regions, it specifically denotes a discounted price for eligible groups like students or retirees.
Meanings
A thing that is granted, especially in response to demands.
The company made a concession to the union by increasing wages.
The act of yielding or granting a point in an argument or dispute.
The government's concession on the tax law surprised the opposition.
A grant of land or property by a government for a specific purpose, such as mining or drilling.
The oil company was granted a concession to explore the offshore fields.