Concession
In maritime context, concession refers to a contractual agreement between a government or port authority and a private company, allowing the company to operate a specific port facility or terminal for a specified period of time. The company is responsible for the construction, maintenance, and operation of the facility, and in return, the government or port authority receives a share of the profits. Concession agreements are common in the maritime industry, particularly for container terminals, and are often used to attract private investment and expertise to port development projects.
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