19:43
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Simple English definitions for legal terms
collusive bidding
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A quick definition of collusive bidding:
Collusive bidding is when two or more companies secretly agree to raise their prices when bidding on a project. This is against the law because it stops fair competition and makes things more expensive for everyone.
A more thorough explanation:
Collusive bidding is when two or more companies secretly agree to change their bids for a project or contract. This agreement is made to ensure that one of the companies wins the contract and the others do not. Collusive bidding is illegal under the Sherman Antitrust Act.
For example, if two construction companies agree to submit higher bids than they would normally offer for a government project, they can ensure that one of them wins the contract and the other does not. This can lead to higher prices for the government and taxpayers.
Collusive bidding is harmful to competition and can lead to higher prices for consumers. It is important for companies to compete fairly and not engage in illegal practices like collusive bidding.