A grant of access for a defined area and time period that transfers certain rights to hydrocarbons that may be discovered from the host country to an oil and gas corporation. The corporation is generally responsible for exploration, development, production and sale of the hydrocarbons that may be discovered. The concession is typically granted under a legislated fiscal system where the host country collects taxes, fees and sometimes royalty on profits earned. A concession contract is a contract to grant a concession