Creating a Concession Agreement

Note: Links to our free templates are at the bottom of this long guide.
Also note: This is not legal advice

Introduction

When it comes to safeguarding your business interests, few things are more critical than taking out a concession agreement. At Genie AI, we understand the importance of such agreements and why they should be taken seriously.

A concession agreement is a legally binding contract between two parties who agree to provide services or goods to each other in return for a specified payment. It outlines the obligations of the parties, their rights and responsibilities under the terms of the agreement. By signing this document both sides can rest assured that their interests have been properly protected.

Not only does a well-written concession agreement secure both parties’ ongoing commitments, but it also serves as a solid legal foundation for doing business together. In addition, it sets out rules regarding how each party will interact with one another and can help minimise potential conflict that may arise due to misunderstandings or unforeseen issues later on down the line.

Moreover, having an up-to-date concession agreement in place can give businesses a competitive advantage over others by ensuring they get the best possible deal and that all contractual obligations are met efficiently and effectively.

In conclusion, when it comes to protecting your own business interests, nothing quite beats having an effective and comprehensive concession agreement in place. If you’re unsure on how best to draft an appropriate document then please refer below for our step-by-step guide outlining everything you need to know about creating an optimal concession agreement – as well as information on accessing our community template library today!

Definitions

Consideration: An exchange of something of value between two parties.
Capacity to contract: The legal ability of both parties involved in an agreement to enter into and be bound by the contract.
Contractual intention: Each party’s intention when entering into the agreement to create legal obligations.
Legality of purpose: That the purpose of the agreement is legally valid.
Legality of form: That the agreement is executed in a manner that complies with local laws.
Sublease agreement: A contract in which the original tenant of a property or asset transfers their rights and obligations to another party.
Service agreement: A contract between two parties in which one party agrees to provide services to the other party in exchange for compensation.
Dispute resolution clause: A section of an agreement that outlines the process for resolving disputes between the parties.
Termination clause: A section of an agreement that outlines the process for terminating the agreement.

Contents

1. Comprehensively Understand the Key Components of a Concession Agreement
2. Research the Requirements for a Legally-Binding Agreement
3. Identify the Types of Concession Agreements
4. Investigate Local Laws and Regulations
5. Establish the Rights and Responsibilities of the Parties
6. Research the Parties’ Needs and Desires
7. Draft a List of Expectations for Each Party
8. Negotiate the Terms of the Agreement
9. Draft the Concession Agreement
10. Create a List of Required Sections
11. Gather Necessary Information from the Parties
12. Prepare a Draft Agreement
13. File the Agreement
14. Determine the Necessary Filing Requirements
15. Compile the Necessary Filing Materials
16. Submit the Agreement for Filing
17. Amend the Agreement
18. Identify Reasons to Amend the Agreement
19. Draft an Amendment to the Agreement
20. File the Amendment
21. Terminate the Agreement
22. Identify the Reasons for Termination
23. Notify the Other Parties of Termination
24. File the Termination Documents
25. Consult an Attorney
26. Research Qualified Attorneys
27. Schedule a Consultation
28. Seek Legal Advice
29. Review Resources and Sample Agreements
30. Investigate Relevant Resources
31. Obtain Sample Agreements
32. Analyze the Sample Agreements
33. Create a Plan of Action
34. Establish a Timeline for Completion
35. Set Milestones for Progress
36. Identify Resources Needed
37. Review the Final Agreement
38. Carefully Examine the Agreement
39. Check for Accuracy and Completeness
40. Make Necessary Adjustments

Get started

Comprehensively Understand the Key Components of a Concession Agreement

• Read up on the basic components of a concession agreement, such as the purpose, duration, scope, and other pertinent details.
• Research the legal implications of entering into a concession agreement.
• Make sure to understand any local, state, and federal regulations and laws that could affect your agreement.
• Consider what the agreement should include, such as rights and obligations of parties, dispute resolution, insurance and indemnification, termination, and more.
• Understand the tax implications of entering a concession agreement.
• When you have a comprehensive understanding of the key components of a concession agreement, you can check this off your list and move on to the next step.

Research the Requirements for a Legally-Binding Agreement

• Research the local, state, and/or federal laws that apply to the agreement you are creating
• Make sure you understand the legal requirements that must be met in order for the agreement to be legally binding
• Check if there are any special licensing requirements or permits that need to be obtained
• Find out if there are any other documents that must be included with the agreement
• Make sure you understand any potential liabilities and risks associated with the agreement

Once you have researched and understood the legal requirements for the agreement to be legally binding, you can move on to the next step.

Identify the Types of Concession Agreements

• Research different types of concession agreements, such as operating agreements, concessioneering agreements, and licensing agreements
• Understand the differences between each of these types of agreements and decide which is right for your needs
• Consult with experts in the field, such as legal professionals, to make sure that you have identified the right type of agreement for your situation
• Make sure you have a clear understanding of the terms and conditions for each type of agreement
• When you are confident you have identified the right type of agreement for your situation, you can check this step off your list and move on to the next step.

Investigate Local Laws and Regulations

• Research any local laws and regulations related to the concession agreement you’re creating.
• Reach out to local authorities to gain clarity on any legal requirements that need to be taken into account.
• Ensure any terms you include in the agreement are in compliance with local laws and regulations.
• When you are confident that the terms of your concession agreement is in compliance with local laws and regulations, you can move on to the next step.

Establish the Rights and Responsibilities of the Parties

• Identify and clearly define who the parties of the concession agreement are
• Outline the rights, obligations, and responsibilities of each party
• Make sure to include all relevant information that both parties need to know
• List all terms of the agreement in detail, including any specific conditions, limitations, and exceptions
• Specify the duration of the agreement and any termination clauses
• Ensure that the agreement is in compliance with all applicable laws and regulations
• Have the agreement reviewed and approved by legal advisors
• Once all parties have signed the agreement, it is valid and binding
• You can check this step off your list and move on to the next step when the agreement has been reviewed and approved by both parties.

Research the Parties’ Needs and Desires

• Identify the goals of each party
• Ask each party to provide a list of expectations they want to be included in the agreement
• Review each party’s list of expectations and identify areas of agreement and disagreement
• Discuss the areas of disagreement with each party to try to come to an agreement
• Make necessary modifications to the list of expectations based on the discussions
• Once both parties have agreed to the list of expectations, you can move on to the next step.

Draft a List of Expectations for Each Party

• Brainstorm and create a list of expectations for each party involved in the agreement
• Consider the needs and desires of both parties from the research done in the previous step
• Make sure to include relevant details such as payment schedules and deadlines
• Ensure that the expectations are reasonable and achievable by both parties
• Once the list of expectations has been compiled, you can move on to the next step of negotiating the terms of the agreement.

Negotiate the Terms of the Agreement

• Gather the parties involved in the concession agreement and set a date to discuss the terms of the agreement
• Listen to each party’s needs and expectations and come up with a compromise that meets the needs of all parties
• Discuss potential solutions to any issues that arise and hammer out the details of the agreement
• Make sure to document all changes and agreements reached during the negotiation process
• When all parties are in agreement, you can check off this step from your list and move on to drafting the actual concession agreement.

Draft the Concession Agreement

• Outline the details of the agreement, such as the rights and the obligations of both parties
• Include the terms and conditions of the agreement, including the duration and the payment structure
• Draft the agreement in a clear and concise manner, using language that is straightforward and easy to understand
• Make sure the terms are fair and balanced for both parties
• Have a lawyer review the agreement to ensure it is legally binding
• Once the agreement is drafted, both parties must sign and date it to make it legally valid
• You will know you can check this off your list and move on to the next step when the agreement is drafted, reviewed, and signed by both parties.

Create a List of Required Sections

• List out all the sections that need to be included in the concession agreement
• This could include but is not limited to:
• Definitions
• Grant of Rights
• Operational Obligations
• Termination
• Remedies
• Dispute Resolution
• Miscellaneous
• Once you have a full list of the required sections for the agreement, you can move on to the next step of gathering necessary information from the parties.

Gather Necessary Information from the Parties

• Identify the parties involved in the agreement
• Gather contact information for the parties (names, addresses, phone numbers, emails, etc.)
• Make sure you have all the necessary data for the contract (such as the purpose of the agreement, the timeline, and the terms of the agreement)
• Obtain any relevant documents from the parties (such as permits, licenses, etc.)
• Verify the accuracy of the information provided by the parties

When you have all the information and documents needed, you can move on to the next step.

Prepare a Draft Agreement

• Outline the general structure of the agreement and include all the necessary details.
• Include the names of the parties and the date of the agreement.
• Detail the terms of the agreement including the duration, the concession fees, the scope of the agreement, and the obligations of each party.
• Include a clause detailing how the parties will handle disputes.
• Have both parties review the agreement and make any necessary changes.
• Once both parties are satisfied with the agreement, have them sign and date it.

How you’ll know when you can check this off your list and move on to the next step:

• Once the draft agreement has been finalized and both parties have signed and dated it, you can move on to the next step.

File the Agreement

• Obtain the necessary documents required for filing the concession agreement, such as a copy of the agreement, a copy of the registration form, and any other documents required by the relevant government agency.
• Get the necessary copies of the agreement and registration form prepared, signed, and notarized as necessary.
• Submit the signed, notarized agreement, registration form, and any other required documents to the relevant government office.
• Wait for the government office to process the documents and issue a certificate of registration.
• Once you have received the certificate of registration, you have successfully filed your concession agreement and can move on to the next step.

Determine the Necessary Filing Requirements

• Research the filing requirements for your particular agreement in your state or local area.
• Check to see if there are any specific requirements for the agreement you are creating, such as required language, documents, or forms.
• Check to make sure you are meeting any applicable laws or regulations that may apply to the concession agreement.
• Once you have determined all of the filing requirements, you can check this step off your list and move on to compiling the necessary filing materials.

Compile the Necessary Filing Materials

• Gather the required documents, such as the concession agreement, supporting documents, and any other relevant materials
• Ensure all documents are signed and dated
• Make copies of all the documents
• Double-check to make sure all documents are complete and accurate
• Once all materials are compiled and ready to be submitted, you can move on to the next step.

Submit the Agreement for Filing

• Gather all the required documents that are necessary for filing, including the Concession Agreement, exhibits, and any other related paperwork.
• File the Concession Agreement with the appropriate court or governmental agency.
• Pay the filing fees as required.
• Make sure to get a copy of the filed agreement and all related documents for your records.
• You can check this off your list when the court or governmental agency confirms that the Concession Agreement has been accepted and filed.

Amend the Agreement

• Review existing agreement to identify any areas needing amendment
• Consult legal counsel to confirm any proposed changes
• Draft an amendment to the agreement and submit it to the other parties
• Receive and review any feedback from the other parties
• Make any necessary amendments to the agreement
• Sign and date the amendment
• Notify all parties of the amendment and send them a copy of the amended agreement
• When all parties have signed and dated the amendment, you have successfully amended the agreement and can move on to the next step.

Identify Reasons to Amend the Agreement

• Take a look at the existing concessions agreement and consider any potential reasons to amend it
• Identify any potential changes that are needed to the agreement in order to better reflect current circumstances
• Consider any changes that need to be made in order to make the agreement more accessible and understandable to all parties involved
• Analyze the agreement and identify any areas that need to be clarified or updated
• Once you have identified the reasons for amending the agreement, you can move on to the next step of drafting an amendment to the agreement.

Draft an Amendment to the Agreement

• Discuss the proposed amendment with all parties involved in the agreement.
• Draft the amendment in writing to reflect the agreed upon changes.
• Ensure that all parties involved in the agreement sign the amendment.
• Once all parties have signed the amendment, you have successfully drafted an amendment to the agreement.

File the Amendment

• Gather all relevant documents in relation to the amendment
• Have all parties involved sign the amendment
• File the amendment with the appropriate governmental or other authority
• Upload a copy of the amendment to the original agreement
• Once the amendment is filed and uploaded, it is complete and you can move on to the next step - Terminate the Agreement.

Terminate the Agreement

• Create a termination clause in the document that clearly outlines the process for terminating the agreement
• Ensure that both parties have agreed to the terms in the termination clause
• Put the date of the termination in the document
• Sign and date the document
• Have both parties retain a copy of the document
• Once all of the above steps are completed, the agreement can be considered terminated.

Identify the Reasons for Termination

• Determine the reasons for termination of the agreement and document them in writing
• Make sure that the reasons for termination are related to the agreement and are valid
• Ensure that the reasons for termination are in line with any applicable regulations or laws
• When the reasons for termination of the agreement have been identified and documented, you can check off this step and move on to notifying the other parties of the termination.

Notify the Other Parties of Termination

• Send written notice to all parties involved in the Concession Agreement, informing them of the termination.
• Include the date of termination, the reasons for termination, and any other information pertinent to the agreement.
• Make sure each party involved has received the notice.
• When each party has been notified, you can move on to the next step.

File the Termination Documents

• Gather all relevant documents that relate to the agreement, such as the original agreement, any amendments, and any related correspondence
• Prepare the termination documents, ensuring that the required information is included
• File the termination documents with the appropriate court or agency
• Make sure to keep a copy of the termination documents for your records
• You will know you have completed this step when the termination documents have been officially filed and you have a copy of the documents for your records.

Consult an Attorney

• Research and contact qualified attorneys who specialize in contract law
• Ask for advice and consult on the best way to proceed with your concession agreement
• Schedule an appointment to meet with your chosen attorney
• Provide your attorney with all the necessary documents and information related to the agreement
• Ask the attorney to review the agreement, provide feedback, and make changes as needed
• Once the attorney has made their revisions, go over the agreement again with them and make sure all parties are in agreement
• After all revisions have been made and all parties are in agreement, sign the concession agreement
• You’ll know you’ve completed this step when all parties have signed the concession agreement and you have a finalized copy of the document.

Research Qualified Attorneys

• Research local qualified attorneys who specialize in concession agreements
• Check their credentials, including legal certifications and experience
• Ask for references or read online reviews
• Narrow your list down to a few attorneys
• Know when you can check this step off your list: when you have a list of at least three qualified attorneys who specialize in concession agreements.

Schedule a Consultation

• Make a list of potential attorneys who are qualified to draft a concession agreement
• Contact each attorney to schedule a free consultation
• Ask for references from any attorney you are considering
• After the consultation, decide on an attorney and make a commitment to work with them
• When you have selected an attorney and scheduled a consultation, you can check this step off your list and move on to the next step.

Seek Legal Advice

• Research and contact a lawyer who specializes in concession agreements
• Ask the lawyer questions about the project and what you need to consider when drafting a concession agreement
• Get advice from the lawyer on the best structure and process for the agreement
• When you have the answers and advice you need to move forward, you can check this step off your list and move on to the next step.

Review Resources and Sample Agreements

• Gather relevant resources such as agreements from similar transactions, precedents, and laws related to the concession agreement
• Read through sample concession agreements to understand the key clauses and structure of the agreement
• Make note of the key elements of a concession agreement
• Confirm that the resources and sample agreements are relevant to the specific transaction
• Once you are familiar with the resources and sample agreements, you can move on to the next step of investigating relevant resources.

Investigate Relevant Resources

• Research state and local business regulations that may affect a concession agreement
• Talk to other businesses in the same industry to find out what type of concession agreement they have in place
• Speak to a lawyer to understand the legal framework and implications of a concession agreement
• Look up templates and examples of concession agreements online
• Review the terms and conditions of any existing concession agreement
• Understand the financial implications of a concession agreement

When you can check this off your list and move on to the next step:
• When you have researched and understood the regulations and legal framework that may affect your concession agreement
• When you have reviewed templates, examples, and existing concession agreements
• When you have a good understanding of the financial implications of your concession agreement

Obtain Sample Agreements

• Search online for sample concession agreements
• Review the agreements to ensure they comply with all applicable laws and regulations
• Make sure all information is up-to-date and accurate
• Download and save the documents in a secure location
• Once you’ve identified and collected the sample agreements, you can move on to the next step.

Analyze the Sample Agreements

• Carefully review the sample agreements to identify common elements
• Note any differences in wording or content between the sample agreements
• Identify any potential issues or areas that need further clarification
• Take note of any specific language or phrasing that could be incorporated into the agreement
• Once you have a comprehensive understanding of the clauses and content of each agreement, you can move on to the next step of creating a plan of action.

Create a Plan of Action

• Brainstorm key points to include in the agreement
• Identify areas of negotiation and potential issues
• Consider the stakeholders and how they will be affected by the agreement
• Determine the necessary legal documents, such as contracts and forms
• Research the applicable laws and regulations
• Draft the agreement and make sure to include all necessary legal language
• Negotiate the agreement with the other party
• Make sure all parties have signed the agreement
• Check that all the necessary documents have been included

How you’ll know when you can check this off your list and move on to the next step:

• Once the agreement has been drafted, negotiated, and signed by all parties, you can move on to the next step of establishing a timeline for completion.

Establish a Timeline for Completion

• Determine the timeline for the project completion and include in the concession agreement.
• Consider any external factors that might affect the completion date and adjust the timeline accordingly.
• Agree on a completion date to be included in the agreement.
• Establish any milestones or deadlines that need to be met throughout the project.
• Check that the timeline you have established is reasonable and can be met.
• Once the timeline is agreed upon, add it to the concession agreement and ensure it is signed by both parties.

Set Milestones for Progress

• Brainstorm and identify key milestones for the project
• Prioritize the milestones and ensure the timeline is realistic and attainable
• Create a timeline for completion of each milestone
• Include a timeline for any and all changes to the agreement
• Note any other considerations or contingencies and their associated timeline
• When you have identified all the milestones and their associated timelines, you can check this off your list and move on to the next step.

Identify Resources Needed

• Gather relevant documents and information related to the agreement process, such as the proposed concessions and any existing contracts between all parties
• Identify any relevant laws, regulations, or policies that govern the concession agreement
• Collect any information on the parties involved in the agreement and their roles
• Determine the resources necessary for the agreement to be successful
• When all of the necessary resources have been identified, you can move on to the next step.

Review the Final Agreement

• Read the final agreement in its entirety
• Make sure the terms are clear and make sense to you
• Check that all details are accurate, including any dates, names, and other important information
• Look for any discrepancies or areas that need further clarification
• Assess the risks and benefits to you and your business
• Ask questions if anything is unclear

When you can check this off your list:

• When you are confident that the agreement is correct
• When all the details are accurate
• When you understand the risks and benefits to you and your business

Carefully Examine the Agreement

• Read the entire agreement, including any addendums, to make sure you understand the terms
• Identify any clauses that are ambiguous or require further clarification
• Determine whether the agreement is in compliance with applicable laws, regulations and organizations’ policies
• Make sure the agreement includes the signature of both parties
• When finished, you