A Concession is the act of giving up reaching agreement that is the official permission to carry out a particular type of business by a government or company.
Reference Definition by ISO: A Concession is 1) agreed to, often given up in order to reach an agreement or improve a situation; 2) in the Quality Management is a special approval that is granted to release a nonconforming product or service for use or delivery. Concessions are usually restricted to a specific use and limited by time and quantity and tend to specify that nonconforming characteristics may not violate specified limits.
Related Definitions in the Project: The Quality Management; Project Management
