Concede: Definition, Example and Related Terms
What does it mean to Concede ?
When you concede in a negotiation or a business discussion, it's like admitting to something or agreeing that something is true, even if you first didn't want to. It's almost like saying Fine, you were right, and I was wrong. In situations related to contract law, it can refer to a point or fact that everyone agrees on, especially during discussions or legal arguments. For instance, assume there is a dispute about a delayed delivery in a business contract. If the party responsible for delivery finally admits that they are indeed late, that's a concession.
Scenario Concession A software firm is discussing a contract with a client who insists on the inclusion of a specific feature. The software firm initially opposes the feature but later agrees to develop it. They have conceded to the client's demands. Two businesses are in negotiation about the delivery of goods. One business concedes that the delivery has been delayed due to unforeseen circumstances. A company contracted to construct a building, disputes the quality of the work done. The construction company ultimately concedes to quality issues and agrees to rectify them.