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Concession agreement may also state the role of an authority and concessionaire and conditions regarding control and ownership of the assets and facilities such as concession can either allow the authority to retain or keep actual ownership of the assets, turning over to the concessionaire and reverting the control and ownership back to an ...
These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts. Traditional concession agreements pre-1940 were granted for large areas, sometimes the whole country e.g. Iraq.
In international relations, a concession is a "synallagmatic act by which a State transfers the exercise of rights or functions proper to itself to a foreign private test which, in turn, participates in the performance of public functions and thus gains a privileged position vis-a-vis other private law subjects within the jurisdiction of the State concerned."
Concession: One party offers up something with hope reaching or coming closer to an agreement. [ 62 ] Defense in Depth: Several layers of decision-making authority is used to allow further concessions each time the agreement goes through a different level of authority. [ 63 ]
The concession agreement may be signed by a national/regional government, a municipality, or a special purpose entity set up by the state to grant the concession. Examples of concession agreements include contracts for the following: A toll-road or tunnel for which the concession agreement giving a right to collect tolls/fares from the public ...
In business, an MoU is typically a legally non-binding agreement between two (or more) parties, outlining terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities—but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).