Concession Agreement Meaning In English

A concession or concession contract is the granting of rights, land or property by a government, local authority, enterprise, natural person or other legal person. [1] Concession agreements can also be used for risk management. Suppose a country invests a significant amount in the production of a single product. This country will then have a high idiosyncratic risk related to the price of this raw material. For example, the governments of Brazil and Mexico have invested heavily in state-owned oil companies. The value of their assets and income fell significantly when the price of oil fell in 2020. Countries that grant concessions may lose revenue from concession fees, but they do not risk as much capital. The granting of land or property by a government may be a lease for specific purposes in return for a given service or use, a right to resume and benefit from a given activity. A concession may include the right to use existing infrastructure necessary for the carrying out of a business (e.g. B a water supply system in a city); in some cases, such as for example.

B in the case of mining, it can only be a transfer of exclusive or non-exclusive easements. Within the European Union, the award of concessions by public bodies is subject to regulation. Construction concessions have been subject to procurement rules for some time, as Directive 2004/18/EC of the European Parliament and of the European Council on public procurement applies to construction concessions, and cross-border service concessions are governed by the principles of the Treaty on the Functioning of the European Union. However, on 26 February 2014, the European Parliament and the European Council adopted a new Directive 2014/23/EU on the award of concession contracts[4], which obliged EU Member States to introduce national legislation for the award of concession contracts costing EUR 5 186 000, which were awarded on or after 18 April 2016. Sellers work on a smaller scale under concession agreements granted by local governments, businesses or other property owners. This activity may include restaurants and retail at major airports, vendors at public fairs, or selling food and beverages from booths at State Parks. Nglish: Translation of the concession from Spanish in the private sector, the owner of a concession – the concessionaire – usually pays either a fixed amount or a percentage of the income to the owner of the company from which it operates. [2] For example, concessions within another company are concessions in sports establishments and cinemas as well as concessions in department stores operated by other retailers. .

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