Concession Agreements As A Model Of Interaction Between The State And Business

Abstract

A concession agreement is a contract that gives a company the right to conduct a particular business within a state jurisdiction or on another firm's property under certain conditions. Concession agreements often include contracts between the out-of-state owner of a facility and the concessionaire or concessionaire. The agreement grants the concessionaire exclusive rights to conduct its business at the facility for a specified time and under certain conditions. Concession agreements cover a variety of industries and come in different sizes. They include mining concessions valued at hundreds of millions of dollars, as well as small food and beverage concessions at a local movie theater. Regardless of the type of concession, the concessionaire usually must pay concession fees to the party granting it. These fees and the rules under which they may change are usually described in detail in the contract Concession agreements usually specify the period of operation and insurance requirements, as well as the amount of commission. Payments to the property owner may include a location rent, a percentage of sales revenue, or a combination of both. The terms of a concession agreement depend largely on its desirability. This article presents the regulation of concession agreements as a model of interaction between government and business in various, most often-economic activities

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Publication Date

03 June 2022

eBook ISBN

978-1-80296-125-6

Publisher

European Publisher

Volume

126

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-

Edition Number

1st Edition

Pages

1-1145

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Gumenyuk, E. V., Filianina, I. M., Khabuda, E. S., Shishkova, E. N., & Konovalenko, O. L. (2022). Concession Agreements As A Model Of Interaction Between The State And Business. In & N. G. Bogachenko (Ed.), AmurCon 2021: International Scientific Conference, vol 126. European Proceedings of Social and Behavioural Sciences (pp. 358-366). European Publisher. https://doi.org/10.15405/epsbs.2022.06.41