concessions

Concessions are acts of yielding or granting rights, privileges, or property by one party to another. The term is used across contexts, from diplomacy and law to business and everyday life.

In diplomacy, concessions are negotiated compromises in which parties exchange demands for relief to achieve a settlement. They can help avert conflict, but may also entail reputational costs if perceived as weakness.

In business and government, concessions include exemptions, subsidies, tax relief, or favorable terms granted to individuals, organizations, or projects to spur investment, development, or compliance with policy goals. In concession agreements, a private firm operates a public asset or service—such as toll roads, airports, or mining rights—under a long-term license granted by the state, typically in return for revenue sharing and capital investment; these contracts are subject to regulatory oversight and performance standards.

In everyday life, concessions also describe stands or vendors at events that sell food, beverages, and merchandise, often located within sports venues or fairs, licensed by the venue.

The use of concessions can carry implications for public accountability, pricing, labor conditions, and social equity, prompting legal and policy debates about transparency and fairness. Historically, concessions derive from the Latin concessio, meaning yielding.