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The term "concession agreement" refers to a negotiated contract that allows a company to conduct business under specific conditions. It has two primary meanings: first, it denotes a contract between a foreign company and a government, permitting the company to operate in that country. Second, it refers to an agreement granting a concessionaire exclusive rights to conduct business in a specific area or venue under negotiated terms. Governments may incentivize foreign companies by offering lower taxes or relaxed restrictions, while companies may need to make concessions if the government is less amenable, ensuring mutual benefits in the agreement.