cover quote definition

cover quote is defined in the consent agreement as: “a cover quote is exchanged by firms that agreed among themselves about which firm should win a tender and which firm(s) should lose a tender. A cover quote is a distinguished quotation (“a façade”), which is usually a higher price that is submitted by a firm that does not wish to win a tender. It is meant to give a false impression that the firm that eventually wins a tender is cheaper.” [11] Clause 2.3.1 provides that Eldan and Precision were party to an agreement, alternatively a concerted practice to directly or indirectly fix prices, divide markets by allocating customers to each other, and tender collusively in respect of the provision of auto repair services. [12] Clause 2.3.2 records that the Commission’s investigation revealed that ▇▇▇▇▇ and Precision: i. coordinated their collusive arrangement through Vehicle Accident Assessment Centre (“VAAC”) which renders vehicle assessment services to customers;2 ii. discussed how to collaborate when providing cover quotes to clients;3 and iii. discussed prices for auto body repair services including panel beating and spray painting.4 iv. Further, it records that there was regular contact between the employees of ▇▇▇▇▇ and Precision so that they could request cover quotes from each other. [13] Clause 3 provides that “▇▇▇▇▇ admits that it engaged in the conduct set out in clause 2.3.1 to 2.3.4 above in contravention of section 4(1)(b)(ii)” (emphasis added). ▇▇▇▇▇ also agreed to pay an administrative penalty in the amount of R750 000.00.
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Related to cover quote

  • Error Quote (Spike) means an Error Quote with the following characteristics:

  • Reference Treasury Dealer Quotation means, with respect to a particular Reference Treasury Dealer and a particular redemption date, the average, as calculated by the Quotation Agent, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding that redemption date.

  • Reference Treasury Dealer Quotations means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

  • Reference Government Bond Dealer Quotations means, with respect to each Reference Government Bond Dealer and any date of redemption, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the Reference Bond (expressed in each case as a percentage of its nominal amount) at the Quotation Time on the Reference Date quoted in writing to the Determination Agent by such Reference Government Bond Dealer;

  • Request for Quotation (“RFQ”) means a document or documents containing the specification, and proposed terms and conditions issued to potential suppliers to solicit written Quotations.