CONCESSION

concession,n.1. A government grant for specific privileges. 2. The voluntary yielding to a demand for the sake of a settlement. 3. A rebate or abatement. 4.Int’l law. A contract in which a country transfers some rights to a foreign enterprise, which then engages in an activity (such as mining) contingent on state approval and subject to the terms of the contract. [Cases: Treaties  8. C.J.S. Treaties § 6.] — concede,vb. — concessive,adj. [Blacks Law 8th]