What is sub concession agreement?
Concession agreements often involve contracts between the nongovernmental owner of a facility and a concession owner, or concessionaire. The agreement grants the concessionaire exclusive rights to operate their business in the facility for a stated time and under specified conditions.
What are the different types of concession agreement?
There are different types of concession contracts, including: ex-leasing, franchise, build- operate-transfer (BOT) etc. Private finance initiatives (PFIs) may also be considered similar to concessions.
What does concession mean in legal terms?
Legal Definition of concession 1 : an act or instance of conceding or yielding. 2 : something conceded: as. a : acknowledgment, admission. b : something granted especially as an inducement (as to enter into an agreement)
What is a concession agreement PPP?
A concession agreement is an agreement between a Government Authority and a Private entity, through which the Government grants certain rights to the Private entity for a limited period of time. These agreements are common in the development of infrastructural projects under the Public-Private Partnership (PPP) model.
What is a concession agreement in oil and gas?
1. n. [Oil and Gas Business] A grant extended by a government to permit a company to explore for and produce oil, gas or mineral resources within a strictly defined geographic area, typically beneath government-owned lands or lands in which the government owns the rights to produce oil, gas or minerals.
What is an infrastructure concession?
Concession contracts are used by public authorities to deliver services or construct infrastructure. Concessions are a particularly attractive way of carrying out projects in the public interest when state or local authorities need to mobilise private capital and know-how to supplement scarce public resources.
What is the difference between BOT and BOOT?
There is a fine but significant distinction between Build Operate Transfer (BOT) and Build Own Operate Transfer (BOOT) that is often not made. BOT projects are usually those financed and operated by a government institution; those financed by the private sector are called BOOT2.
What is an example of concession?
Examples of Concession: A teenager arguing to her parents that she needs a cell phone makes the following concession: A politician arguing that his country needs to send troops into a warzone makes the following concession: I know that any time we send troops into harm’s way, it is a risk that some will not come back.
What is a concession agreement?
What Is a Concession Agreement? A concession agreement is a contract that gives a company the right to operate a specific business within a government’s jurisdiction or on another firm’s property, subject to particular terms.
Who pays the concession fees?
Regardless of the type of concession, the concessionaire usually has to pay the party that grants it the concession fees. These fees and the rules under which they may change are generally described in great detail in the contract. Concession agreements usually define the period of operation and insurance requirements, as well as fees.
What do you need to know about rail concession agreements?
Concession Agreements and Railroad Track Usage. A common area for concession agreements between governments and private businesses include rights to use certain pieces of infrastructure, such as railways. Rights may be given to individual businesses, resulting in exclusive rights, or to multiple organizations.
What happens to project assets when a concession agreement is terminated?
Once the agreement is terminated all the project assets are returned to the authority. One must not confuse between the concession under a Concession Agreement and a Lease. A “lease” is an interest in a property whereas a “concession” is a grant of a license to operate on the property but doesn’t carry any inherent property rights.