The main result is a common fixed point theorem for a pair of multivalued maps on a complete metric space extending a recent result of Đorić and Lazović (2011) for a multivalued map on a metric space satisfying Ćirić‐Suzuki‐type‐generalized contraction. Further, as a special case, we obtain a generalization of an important common fixed point theorem of Ćirić (1974). Existence of a common solution for a class of functional equations arising in dynamic programming is also discussed.