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 a demand.
"The company made a concession to the union by increasing the annual bonus."
The act of yielding or granting a right or privilege to another.
"The government's concession on the tax law surprised the opposition party."
A grant of land or property by a government for a specific purpose, such as mining or drilling.
"The oil company was granted a twenty-year concession to explore the region."