concession

1. The dollar discount from a security's retail selling price received by members of an underwriting syndicate. For example, a syndicate member paying $995 for a bond to be sold at par (that is, at $1,000) is receiving a $5 concession. Also called selling concession.
2. A discount or rebate from a contracted price.
3. A contract to operate a subsidiary business. For example, the local civic club has a concession to operate a restaurant at the county fair.
4. A government grant to use property for a specific purpose. For example, a private business has a concession to operate all nine lodges in Yellowstone National Park.