What Does the Word Concession Mean in Law

At 6:15 a.m.m. the tent concession stalls no longer have french sandwiches and fries and only sell granola bars and sodas. I am replacing my concessions with an intransigent and no excuse demand that we count every vote. These sample phrases are automatically selected from various online information sources to reflect the current use of the word “concession.” The opinions expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us your feedback. The terms of a concession contract depend to a large extent on its timeliness. For example, a contract to operate a food concession in a popular stadium may not offer much to the concessionaire in the form of incentives. On the other hand, a government that wants to attract mining companies to a poor area can offer significant incentives. These incentives could include tax breaks and a lower licensing rate. A common space for concession contracts between governments and private companies includes the right to use certain parts of public infrastructure, such as railways .B. Rights can be granted to sole proprietorships – resulting in exclusive rights – or to several organisations.

As part of the agreement, the government could have rules for construction and maintenance, as well as ongoing operating standards. For example, there is a concession contract between the governments of France and the United Kingdom and two private companies concerning the Channel Tunnel. British Channel Tunnel Group Limited and the French company France-Manche S.A. operate the Channel Tunnel, often referred to as “Chunnel” under the agreement. The tunnel connects the two countries and allows the transport of passengers and goods by rail between them. It is 31.5 miles long, with 23.5 miles under the English Channel. This makes the underwater tunnel the longest in the world and an important part of the public infrastructure. Concession contracts can also be used for risk management. Suppose a country invests a large sum in the production of a single commodity. Then this country will have a high idiosyncratic risk in terms of the price of this product. For example, the governments of Brazil and Mexico have invested heavily in state-owned oil companies. The value of their assets and revenues has declined significantly as the price of oil has fallen in 2020.

Countries that grant concessions will lose revenue from concession rights, but they do not risk as much capital. Muhammad Ali of Egypt used contracts called concessions to build cheap infrastructure — dams and railways — with foreign European companies raising capital, building projects and collecting most of the operating revenue, but Ali`s government providing some of that revenue. [3] For more examples of concessions, see Gibbons v. Ogden and the Railroad Policy of the United States. The constitution was rewritten retroactively so as not to legally call into question the concession. Britannica.com: Encyclopedia article on the concession Because 25% of ticket and concession revenues are much more than 0%. Concession has two very different meanings in English. It is often used to indicate something that has been admitted (for example. B when the politician losing a race gives a concession speech or when someone makes a concession in an argument).

In a completely different context, the word can be found in the term concession status. Where does this last use come from? Were the concessions originally put in place to settle disputes or elections? Barely. The concession in the concession stand refers to “a generally exclusive right to exercise and benefit from a particular activity”. The phrase is first mentioned in a classified ad looking for someone to work on a booth at the 1893 Chicago World`s Fair. No mention was a concession or, as they may have let us know later, a pleasure from our presence at the dining table or the meeting. According to the law on a sector, the concession may either allow the authority to retain or retain ownership of the assets, or hand it over to the concessionaire and return the ownership to an authority at the end of the term of its concession, or the authority and the concessionaire own the facilities. Under international law, a concession is a territory within a country administered by an entity other than the State that holds sovereignty over it. It is usually a colonizing power, or at least commanded by a power, as in the case of colonial chartered companies. Usually, it is admitted, that is, authorized or even ceded by a weaker state to a stronger power. For example, politically weak and militarily powerless Qing China was in the 19th century. In the nineteenth century, it was forced to sign several so-called unequal treaties, by which, among other things, it made territorial concessions to many colonial, European and Japanese powers, and created a whole series of territorial concessions in China, in addition to even more treaty ports in which China retained territorial control.

However, as with permanent sales of territories, there are cases where a concession was made voluntarily by a power that could have resisted the claim because it believed the agreement was in its mutual interest or as part of a more complex balanced agreement […].