con·ces·sion n
1: an act or instance of conceding or yielding
2: something conceded: as
a: acknowledgment admission
b: something granted esp. as an inducement (as to enter into an agreement)
c: a grant of real property esp. by a government in return for services or for a particular use (as settlement)
d: a right to undertake a specified activity for profit on another's real property
a logging concession
e: a lease that grants a right to engage in a profitable activity on another's real property; also: the property or portion of the property subject to such a lease
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.