Usually means: Mutual compromise for beneficial outcome.
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We found 19 dictionaries that define the word give-and-take:

General (18 matching dictionaries)
  1. give-and-take: Merriam-Webster
  2. give-and-take: American Heritage Dictionary of the English Language
  3. give-and-take, give-and-take: Collins English Dictionary
  4. give-and-take: Vocabulary.com
  5. give-and-take: Wordnik
  6. give-and-take: Cambridge Advanced Learner's Dictionary
  7. give-and-take: Wiktionary
  8. give-and-take: Webster's New World College Dictionary, 4th Ed.
  9. give-and-take: Infoplease Dictionary
  10. give-and-take: Dictionary.com
  11. give-and-take: Cambridge Essential American English Dictionary
  12. give-and-take: Rhymezone
  13. give-and-take: AllWords.com Multi-Lingual Dictionary
  14. give-and-take: FreeDictionary.org
  15. give-and-take: Mnemonic Dictionary
  16. give-and-take: TheFreeDictionary.com

Computing (1 matching dictionary)
  1. give-and-take: Encyclopedia

(Note: See give-and-takes as well.)

Definitions from Wiktionary (give-and-take)

noun:  The settling of differences through compromise and mutual concessions.
noun:  A lively exchange of conversation.

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