Bid rigging definition
Bid rigging means a prohibited collusive bidding practice in terms of which bidders that would normally be expected to compete in a procurement process either singularly or by association with other persons or firms in a horizontal relationship, secretly conspire to raise prices or lower the quality of goods and/or services or agree not to compete against each other in such process;
Bid rigging means agreement among potential competitors to manipulate the competitive bidding process, for example, by agreeing not to bid, to bid a specific price, to rotate bidding, or to give kickbacks.
Bid rigging means collusion between persons for the purpose of manipulating the proceedings;
Examples of Bid rigging in a sentence
Bid rigging and bid suppression schemes are violations of the ▇▇▇▇▇▇▇ Antitrust Act and are deemed illegal and punishable as a federal felony.
Bid rigging & bid suppression schemes are violations of the ▇▇▇▇▇▇▇ Antitrust Act and are deemed illegal & punishable as a federal felony.
Bid rigging is, therefore, an agreement between competitors not to compete.
Bid rigging and other efforts to restrain competition, and the making of false sworn statements in connection with the submission of bids are unlawful and may be subject to criminal prosecution.
Bid rigging takes many forms, but conspiracies usually fall into one or more of the following categories: bid suppression, complementary bidding, and bid rotation.
More Definitions of Bid rigging
Bid rigging means the unlawful practice whereby two or more bidders connive and agree not to bid against each another at an auction or intimidate other bidders with the intention to supress the prices of goods/property on auction. “Collusion” has the same meaning as “bid rigging”.
Bid rigging means the concerted activity of two or
Bid rigging means a horizontal agreement between enterprises where—
Bid rigging means an illegal agreement between two or more competitors. It is a form of price fixing and market allocation, and involves an agreement in which one party of a group of bidders will be designated to win the bid. It is often practiced where contracts are determined by bid, for example with government construction contracts .Bid-rigging is a form of fraud, and almost always results in economic harm to the agency which is seeking the bids, and to the public, who ultimately bear the costs as taxpayers or consumers. In Canada, it is a criminal offence under section 47 of the Competition Act. (also see Collusion)
Bid rigging means any agreement, between enterprises or persons engaged in identical or similar production or trading of goods or provision of services, which has the effect of eliminating or reducing competition for bids or adversely affecting or manipulating the process for bidding.
Bid rigging means collusive price-fixing and anti-competitive behaviour designed to unfairly influence the outcome of a competitive tender process in favour of one or more bidders;”.
Bid rigging means the manipulation of a bid process by dishonest means;