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Bid rigging is a fraudulent scheme in a procurement action which enables companies to submit non-competitive bids. It can be performed by corrupt officials, by firms in an orchestrated act of collusion, or by officials and firms acting together.
Bid rigging is a form of collusion among firms intended to raise prices or lower the quality of goods or services offered in public tenders. In spite of it being illegal, this practice costs governments and taxpayers large sums of money. That is why the fight against bid rigging is a top priority in many countries.
The list includes several publicly listed companies, including Balfour Beatty, Kier Group and Carillion, with 80 of the firms have already admitted participating in some form of bid-rigging, or have applied for leniency in return for assisting the OFT. The allegations centre around "cover pricing", in which firms secretly agreed the prices they ...
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.
Natural gas producers Chesapeake Energy Corp. (NYSE: CHK) and Encana Corp. (NYSE: ECA) are the targets of a federal civil suit by Northstar Energy, a Michigan oil and gas field developer, for ...
Cartels are usually associations in the same sphere of business, and thus an alliance of rivals. Most jurisdictions consider it anti-competitive behavior and have outlawed such practices. Cartel behavior includes price fixing, bid rigging, and reductions in output. The doctrine in economics that analyzes cartels is cartel theory.
The former director of the Chatham County Housing Authority was sentenced to 2 1/2 years in prison Wednesday for a bid-rigging scheme that awarded contracts to friends and relatives and paid out ...
According to Adam Smith, people of the same trade seldom meet without the conversation turning to conspiring ways to raise prices and defraud the public. [citation needed] Market allocation is generally regarded as illegal in the United States, unless the Department of Treasury or equivalent body authorizes it.