concession

noun | con·ces·sion

1. : an act or instance of conceding or yielding

   a : acknowledgment, admission

   b : something granted especially as an inducement (as to enter into an agreement)

   c : a grant of real property especially 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 : the property or portion of the property subject to such a lease