A concession agreement is a grant of rights to operate, maintain, and invest in a facility, piece of land, or public service, made by a government, local authority, corporation, or other entity to another party, typically for a set number of years. Public services such as water supply are commonly operated this way, with a private company given the exclusive right to run a public utility under a concession while the underlying asset remains under public ownership. A concession is related to but distinct from a lease, in which a company may operate and maintain a utility without the same investment responsibility, and from a management contract, sometimes called an affermage, which differs again in the rights and remuneration of the operator.
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