Concurring: Definition, Example and Related Terms
What is Concurring ?
In a business context, 'concurring' means agreeing with someone or something, especially in a formal setting. It's often used to describe the act of agreeing with a decision, opinion, or a plan, particularly in situations where different parties are involved and a consensus needs to be reached. It's like saying 'Yes, I agree with that' or 'Yes, that's a good plan.' But it's often used in more formal situations, like during business meetings or when making decisions about contracts. It's also important to note that 'concurring' doesn't always mean you think the thing you're agreeing with is the best possible option. Sometimes, you might concur with something because you think it's the best option available, even if it's not perfect. For example, a business might concur with a decision to raise prices, not because they want to make things more expensive for their customers, but because they need to cover increasing costs. In these situations, concurring is about making the best possible decision in a difficult situation. When it comes to commercial contracts, concurring often involves agreeing with the terms and conditions outlined in the contract. This could be anything from the price and delivery date of goods or services, to the way disputes will be resolved. Concurring with a contract means you're happy with these terms and conditions, and you're willing to abide by them.
Scenario Description A business is negotiating a contract with a supplier. The supplier proposes a delivery date that's later than the business would like, but the business decides to concur with the supplier's proposal. In this example, 'concurring' means the business is agreeing with the supplier's proposed delivery date, even though it's not exactly what they wanted. They're choosing to concur because they believe it's the best option available. During a business meeting, a manager proposes a new marketing strategy. One of the team members isn't sure it's the best strategy, but decides to concur because they trust the manager's judgement. Here, 'concurring' means the team member is agreeing with the manager's proposed marketing strategy, even though they have some doubts. They're choosing to concur because they trust the manager and believe they're making the best possible decision.