According to Barron's Law Dictionary:
NOLO CONTENDERE: "Lat: I do not wish to contend, fight or maintain a defense; not strictly a plea at all, but a statement that the defendant will not contend (a) charge made by the government. 119 F. Supp. 288, 290.
Like a demurrer to an indictment, it admits all facts stated in the indictment for purposes of a particular case, but it cannot be used as an admission elsewhere, as it is an implied confession only of the offense charged. See 139 P. 2d 681, 689. The plea of nolo contendere is equivalent to a plea of guilt for the purposes of the criminal matter and is accepted only in the discretion of the trial court, which must be satisfied that it is voluntary and intelligently entered and there is a factual basis to support it. "