Webster's English Dictionary

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concession

con.ces.sion \k*n-'sesh-*n\ n [F or L; F, fr. L concession-, concession, 
   fr. concessus, pp. of Xconcedere to concede 1a: the act or an instance of 
   conceding  1b: the admitting of a point claimed in argument  2: something 
   conceded :  2a: ACKNOWLEDGMENT, ADMISSION  2b: GRANT  2c1: a grant of land 
   or property esp. by a government in return for service s or for a 
   particular use 2c2: a right to undertake and profit by a specified activity 
    2c3: a lease of a portion of premises for a particular purpose; also  : 
   the portion leased or the activities carried on