The term 'CONCORDS' is composed of two words, 'UNITIES' and 'PACTS'. Unities are agreements or understandings between two or more parties that are intended to create a sense of harmony and solidarity. PACTS are formal agreements between two or more parties that are legally binding and enforceable. Together, these two words form the term 'CONCORDS', which refers to a state of harmony and agreement between two or more parties.