The term “concessi” is derived from Latin and translates to “I have granted.” It was frequently utilised in legal papers to establish an agreement in a long-term lease, but it does not ensure ownership. This word was commonly found in the expression “demisi, concessi, et ad firmam tradidi,” which signifies “demised, granted, and let to farm.” In simpler terms, concessi implies giving consent or permitting something to occur, but it does not provide assurance of ownership or legal entitlements.
Concessi is a Latin term meaning “I have granted.” In legal contexts, it establishes a covenant in a lease for a specific duration, but it does not provide a guarantee of ownership. It is commonly employed in the phrase “demisi, concessi, et ad firmam tradidi,” which translates to “demised, granted, and let to farm.” When a landlord leases a property to a tenant, they may use the term “concessi” to indicate that they have granted the tenant the right to use the property for a defined period. For instance, a landlord might state, “I have granted you concessi of the property for one year.” Another instance of the use of concessi is found in a legal document outlining the terms of a lease. The document may state, “The landlord has granted the tenant the right to use the property for one year, but does not guarantee ownership. This constitutes a concessi covenant.” These examples demonstrate how concessi is employed in legal documents to signify that a landlord has granted a tenant the right to use a property for a specific duration, without ensuring clear ownership of the property.
A concession agreement is a legal contract between a government or public authority and a private company, granting the company the right to operate and manage a specific public asset or service for a defined period of time.
The duration of a concession agreement can vary depending on the nature of the project or asset. It can range from a few years to several decades, depending on the investment required and the expected return on investment.
The concessionaire is typically responsible for financing, constructing, operating, and maintaining the asset or service as outlined in the concession agreement. They must also comply with all applicable laws, regulations, and performance standards.
The selection process for a concessionaire can vary depending on the jurisdiction and the specific project. It may involve a competitive bidding process, evaluation of technical and financial proposals, and consideration of the company’s experience and qualifications.
Yes, a concession agreement can be terminated before its expiration under certain circumstances. This may include breach of contract, failure to meet performance standards, bankruptcy, or mutual agreement between the parties involved.
At the end of the concession agreement, the asset or service typically reverts back to the government or public authority. However, the agreement may include provisions for the concessionaire to transfer certain assets or infrastructure to the government or a new operator.
In some cases, the terms of a concession agreement can be renegotiated if both parties agree to do so. This may occur if there are significant changes in market conditions, unforeseen circumstances, or if the parties mutually decide to modify certain provisions.
If the concessionaire fails to fulfill its obligations as outlined in the concession agreement, the government or public authority may have the right to impose penalties, terminate the agreement, or seek legal remedies to enforce compliance.
In certain circumstances, a concession agreement may allow for the transfer of rights and obligations to another company. However, this typically requires the approval of the government or public authority and may be subject to certain conditions and restrictions.
Some potential risks and challenges associated with concession agreements include financial viability, regulatory changes, political instability, disputes over contract interpretation, and the need for ongoing monitoring and oversight to ensure compliance with the agreement.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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