A concession agreement is a negotiated contract between a private company (in this case, CampusParc) and a governmental entity (in this case, The Ohio State University). The contract allows the private company the right to operate a specific business (in this case, the parking system) within the government entity’s jurisdiction, subject to specific terms and conditions, for a specified period of time (in this case, 50 years).
A concession agreement between Ohio State and CampusParc regulates parking rates, operating standards, and maintenance of all parking assets.