Definitions
- Referring to a compromise or agreement made by one party to another. - Describing a privilege or right granted by an authority or government. - Talking about a reduction in price or other favorable terms offered to a customer.
- Referring to an agreement reached between two parties, often in a legal context. - Describing a place where people live, often in a new or uninhabited area. - Talking about the process of paying off a debt or resolving a financial obligation.
List of Similarities
- 1Both involve reaching an agreement or compromise.
- 2Both can be used in legal contexts.
- 3Both can refer to a resolution of a conflict or dispute.
- 4Both can involve financial transactions or obligations.
What is the difference?
- 1Scope: Concession typically refers to a smaller or more specific agreement, while settlement can encompass a broader range of issues.
- 2Context: Concession is often used in business or negotiation contexts, while settlement is more commonly used in legal or financial contexts.
- 3Nature: Concession involves giving up something or making a compromise, while settlement involves resolving a dispute or obligation.
- 4Location: Settlement can also refer to a physical location where people live, while concession does not have this meaning.
- 5Timeframe: Settlement can refer to a long-term resolution, while concession may be a temporary or short-term agreement.
Remember this!
Concession and settlement are both words that describe agreements or resolutions. However, concession typically refers to a smaller or more specific agreement, often in a business or negotiation context, while settlement is a broader term that can refer to legal or financial agreements, as well as physical locations where people live.
