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October 15, 2021

What Is Meant By Concession Agreement

Filed under: Uncategorized — Chris Chaten @ 1:48 AM

Unlike other business contacts, which are usually made for transactions of assets and real estate owned by private parties, concession contracts apply to public goods and services and are intended to provide essential facilities and services. Apart from that, concession contracts are long-term contracts and usually involve high-value transactions. Concession contracts typically define operating life and insurance requirements, as well as fees. Payments to a landlord may include site rent, a percentage of sales proceeds, or a combination of both. Additional expectations may also be set out in the agreement. For example, the agreement may determine which of the parties is responsible for utilities, maintenance and repairs.

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