concession
noun
uk/kənˈseʃən/ us [ C or U ]
something that you agree to give someone or allow them to do, especially in order to end an argument or disagreement:
concession to sb As a concession to environmental groups, the energy giant agreed to scale down its coal plant expansion plans.
demand/seek concessions The administration has demanded concessions from auto workers as part of the "viability plan" it is preparing.
offer/make concessions We would be prepared to make concessions in order to reach an agreement.
See also
concede
[ C ] COMMERCE
a small business that is allowed to sell goods, food, or services on property owned by someone else, for example, inside an airport or a large store:
open/operate/run a concession The furniture and homeware retailer has recently opened its first concession within a garden centre.
Fans were stocking up on hamburgers and hotdogs at the concession stand.
airport/hotel/stadium concessions
[ C ] COMMERCE
official permission to carry out a particular type of business, or to own or do work on a particular piece of property or land, given by a government or company:
The government plans to sell a 50-year concession to operate the southeastern rail line.
award/grant a concession We are delighted to have been awarded the concession for the development of the airport.
The mining company was granted a concession agreement to mine and market diamonds.
[ C ] mainly UK
a reduction for particular groups of people in the amount of money that has to be paid for something:
give/offer concessions Many railways offer fare concessions for passengers with disabilities.
Tax concessions will be made available to non-profit organizations.
[ C ] FINANCE, STOCK MARKET
the amount of money that an underwriter receives as payment when new shares are sold to the public for the first time:
Investment bankers compensate members of the selling syndicate through payment of a selling concession, which is a type of sales commission.