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It generally means a favour for a favour, but in no way can it be used in a formal or professional situation. This more applies to an casual agreement on a personal or individual level. As Goutam pointed out, reciprocity would be a more apt term in any representative negotiations.
exchange benefits or favors and privileges
Proverb:If you do me a favour, I'll return it.
Simplest Example:Can you Endorse my skills in return I'll endorse yours :)
