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A concession agreement is a negotiated contract that grants a company the right to operate under specific conditions. It has two primary meanings in the business context. Firstly, it refers to contracts between foreign companies and governments, allowing the company to conduct business in the host country, often involving incentives like tax reductions or relaxed restrictions from the government. Secondly, it can refer to agreements that give a concessionaire exclusive rights to operate in a specific area or venue, typically in exchange for carefully negotiated terms. In scenarios where government support is limited, companies may need to make concessions to secure favorable conditions.
