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noun 
  1. the act of conceding, especially that of defeat
  2. something, such as an argument, that is conceded or admitted to be wrong
  3. the grant of some land to be used for a specified purpose
  4. (context, mostly, US) a contract to operate a small business as a subsidiary of a larger company, or within the premises of some institution; the business itself and the space from which it operates
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