L0\subsetSn
L1\subsetSn
f:L0 x [0,1]\toSn x [0,1]
f(L0 x \{0\})=L0 x \{0\}
f(L0 x \{1\})=L1 x \{1\}
By its nature, link concordance is an equivalence relation. It is weaker than isotopy, and stronger than homotopy: isotopy implies concordance implies homotopy. A link is a slice link if it is concordant to the unlink.
A function of a link that is invariant under concordance is called a concordance invariant.
The linking number of any two components of a link is one of the most elementary concordance invariants. The signature of a knot is also a concordance invariant. A subtler concordance invariant are the Milnor invariants, and in fact all rational finite type concordance invariants are Milnor invariants and their products, though non-finite type concordance invariants exist.
One can analogously define concordance for any two submanifolds
M0,M1\subsetN
N x [0,1],
W\subsetN x [0,1]
M0 x \{0\}
M1 x \{1\}.
This higher-dimensional concordance is a relative form of cobordism – it requires two submanifolds to be not just abstractly cobordant, but "cobordant in N".