A concession is a facility operated under a contract or license. For example, many sports arenas or public parks have concession stands. The owner of the concession—the concessionaire—operates as an independent business and pays either a fixed fee, a percent of revenues or profits, or both to the host facility. A contract is any legally-enforceable promise or set of promises made between parties. ... It has been suggested that Licensing (strategic alliance) be merged into this article or section. ... For the Korean family name Park, see Korean name. ... Concession stand is the term used to refer to a place where patrons can purchase snacks or food at a theatre, fair, or other event. ...

Also, in a closely related usage, a company might have a concession to deliver a public service. For example, a private company might pay a one-time fee to a government to have the exclusive right to operate the electrical utility of a province for a given number of years.

Some countries, such as Chile and Canada, have built toll highways on a concession basis.