Dictionary

concession

noun con·ces·sion \kən-ˈse-shən\

Definition of CONCESSION

1
a :  the act or an instance of conceding (as by granting something as a right, accepting something as true, or acknowledging defeat)
b :  the admitting of a point claimed in argument
2
:  something conceded or granted:
a :  acknowledgment, admission
b :  something done or agreed to usually grudgingly in order to reach an agreement or improve a situation
c (1) :  a grant of land or property especially by a government in return for services or for a particular use
(2) :  a right to undertake and profit by a specified activity (3) :  a lease of a portion of premises for a particular purpose; also :  the portion leased or the activities carried on
con·ces·sion·al \-ˈsesh-nəl, -ˈse-shə-nəl\ adjective
con·ces·sion·ary \-ˈse-shə-ˌner-ē\ adjective

Examples of CONCESSION

  1. We are waiting for his concession of the election.
  2. The candidate made an emotional concession speech when it was clear that he had lost.
  3. The strikers have won some important concessions from the company.
  4. In the big pristine forests of the Congo Basin, governments are selling logging and mining concessions to get money … —Jeff Goodell, Rolling Stone, 15 Nov. 2007

Origin of CONCESSION

Middle English concessyon, from Anglo-French concessioun, from Latin concession-, concessio, from concedere to concede
First Known Use: 15th century

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite

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