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1 : an act or instance of conceding or yielding
2 : something conceded: as
a : acknowledgment admission
b : something granted esp. as an inducement (as to enter into an agreement)
c : a grant of real property esp. by a government in return for services or for a particular use (as settlement)
d : a right to undertake a specified activity for profit on another's real property [a logging ]
e : a lease that grants a right to engage in a profitable activity on another's real property
: the property or portion of the property subject to such a lease
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.