reciprocity (redirected from Reciprocal relationship)
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Balance of Concessions
An agreement in which one country reduces tariffs
on its imports
from another country in exchange for an equivalent, or at least similar, reduction from the second country. The balance of concessions is intended to stimulate international commerce between the two countries. It is also called reciprocity or simply a concession.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
A mutual agreement to accept another's judgment on a matter.Some states offer reciprocity of real estate licensing,so that an agent or broker licensed in one state may become licensed in another without meeting the minimum education,testing,or apprenticeship requirements.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.