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PIARC (World Road Association), founded in 1909 and comprising 125 member governments from all over the world, is the global forum for exchange of knowledge and experience on roads, road transport policies and practices. With consultative status to the Economic and Social Council of the United Nations, the Association is contributing to a stable and sustainable global development of the road and transport sector.

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Term of the Road Dictionary

concession

Language : PIARC Road Dictionary / English
Theme : Financial and Legal Tools Finance and Procurement Procurement and Contracts
Definition : Type of public-private or public-public partnership contract in which a granting authority remunerates a concessionaire who is responsible for operating the infrastructure concerned on the basis of a lump sum access fee (toll). Note: the scope of the contract may be extended to one or several aspects such as designing, constructing, financing, transfer, buying, leasing, improvement, etc.