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Simple English definitions for legal terms
chartel
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A quick definition of chartel:
Term: CHARTEL
Definition: A group of companies that work together to control the production or price of a product. They may also share information and prevent unfair competition. In international law, it can also refer to an agreement between enemies during war about how they will treat each other, such as exchanging prisoners. Another spelling is "cartel."
A more thorough explanation:
A chartel is another spelling for cartel. A cartel is a group of producers or sellers who work together to control the production or price of a product. They may also form an association to prevent unfair competition, share knowledge, or allocate markets.
For example, a group of oil companies may form a cartel to control the price of oil. They may agree to limit production to keep prices high and prevent competition from other companies. This can lead to higher prices for consumers.
In international law, a chartel can also refer to an agreement between belligerents during wartime. This agreement outlines how they will conduct relations, such as the exchange of prisoners.
Overall, a chartel or cartel is a group of companies or producers who work together to control a product's production or price, which can have an impact on consumers and competition.