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Bid Rigging
An accusation of bid rigging is a serious matter. It has been suggested that the Denver Construction Inc. company colluded with the Dells Construction company to fix prices on property that was located in Illinois. These two companies have had a rocky history with four lawsuits in the last ten years as well as cases of the companies stealing bids from each other. An ex-husband has made the claim that the companies were involved in price fixing in a bid for two properties that each were sold well under the current market value. He claims to have emails and text messages to substantiate his claims.
Enacted in 1890, the Sherman Act is among our country's most important and enduring pieces of economic legislation. The Sherman Act prohibits any agreement among competitors to fix prices, rig bids, or engage in other anticompetitive activity. Criminal prosecution of Sherman...
Violation of the Sherman Act is a felony punishable by a fine of up to $10 million for corporations, and a fine of up to $350,000 or 3 years imprisonment (or both) for individuals, if the offense was committed before June 22, 2004 (Department of Justice, N.d.). Bid rigging is considered corruption and is illegal in procurement.
When bid rigging is suspected within an organization there are several steps that can be taken to undercover the reality of the situation. There are several warning signs that can lead to detection that bid rigging is occurring and all of those are present in this case. The first step to an investigation is to look at the bids that are submitted. Some of the warning signs that would suggest bid rigging occurred would be the same supplier always…
Works Cited
Department of Justice. (N.d.). An Antitrust Primer. Retrieved from Department of Justice: http://www.justice.gov/atr/public/guidelines/211578.htm
Stendahl, M. (2013, May 9). Feds Seek Record Jail Terms In UBS Bid-Rigging Case. Retrieved from Law 360: http://www.law360.com/articles/440235/feds-seek-record-jail-terms-in-ubs-bid-rigging-case
Antitrust laws are laws that were enacted to guarantee American consumers the right to expect the benefits of free and open competition. Such laws are enforced by the United States Department of Justice's antitrust division (Anonymous, 2010). There are numerous Acts that constitute the Antitrust Laws. These include the Sherman Act, Clayton Act, and the Robinson-Patman. Sherman Act, the primary federal antitrust provision, seeks to promote and protect competition by
Corporate Finance Economics Application Goodwill obtained by companies by bidding lower than they can maximize profit from the contract has got implications to the buyer and the bidder. Normally, the criterion for selection has always been the lowest and the best bidder. This protects buyers from an obligation of hiring the lowest bidder no matter what. However, there are instances when the lowest bidders after landing a contract may fail to comply
Framework Analysis & Review As is also noted in the methodology of this report, the overall basis and goal of this report is to assess the widespread and national-level Dutch construction fraud scandal that erupted and came into full bloom in 2001. As will become clear throughout this framework and paradigm analysis, the presence of fraud within the Dutch construction industry and environment is without question and this was especially true
When it comes to any crime or series of crimes, there are three main components that are typically present when it comes to the people involved. Those three parts would be the opportunity, the financial pressure involved and the rationalization. Opportunity In the case of the 2001 Dutch construction fraud episode, the opportunity would be created by the fact that the regulation and control of the Dutch construction market was not pressing
Antitrust and Intellectual Property Antitrust Law Remedies in Intellectual Property Cases In any research paper it is important to first define the terms used prominently in order to make sure that the reader understands what is being said. In this case, the two terms that require definition are antitrust and intellectual property. According to a definition from Cornell University Law School "Trusts and monopolies are concentrations of economic power in the hands
Club / Amazon.com Finding the Book of the Month Club at the URL given for this assignment was not possible. For some reason, accessing www.bookofthemonthclub.com, leads to something called BuyDomains.com. Indeed, BuyDomains.com appears to be attempting to sell the site visitor the URL to Book of the Month Club - "Domains for sale," yells the header. Is this some kind of Internet skullduggery? However, by going to Yahoo! And searching