A collocation is made up of two or more words that are commonly used together in English. There are different kinds of collocations in English. Strong collocations are word pairings that are expected to come together. Good examples of this type of word pairing are combinations with 'make' and 'do'. You make a cup of tea, but do your homework.
Collocations are very common in business settings when certain nouns are routinely combined with certain verbs or adjectives. For example, draw up a contract, set a price, conduct negotiations, etc.
A good way to learn collocations is to group collocations beginning with a noun. For example, take the noun 'contract' and create a list of commonly used verbs with contract.