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A concession or concession agreement involves the granting of rights, land, or property by a government or authorized entity, allowing a private company to operate public services, such as water supply, exclusively for a specified period. This agreement enables the company to manage, maintain, and invest in the public utility. Concessions differ from lease contracts and management contracts: a lease allows a company to operate a utility while investment costs remain with the public, and under a management contract, the operator collects revenue for the government and receives a fixed fee. A government may grant land or property in exchange for certain considerations.