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Competition is the driver for innovation and growth within the market place BUT anti-competitive practices injure the competitiveness of our economy. Under the Competition Act 1998, the Chapter 1 and Chapter 2 Prohibitions place strict rules on companies and their business activities. A business can be in breach of these provisions if it is found to be carrying out anti-competitive activities such as price-fixing, bid-rigging, limiting and controlling production, markets or investment, restrictive advertising, etc, etc. The list is extensive. The penalty for such a breach is that a company can face a fine of up to 10% of its annual turnover. If this were not bad enough, the actual penalty is in fact dependent on the length of the infringement and can be 10% of annual turnover for each year up to a total of 3 years. On the other side of the coin, are the businesses that are affected by these anti-competitive activities. Along with the economy, these are the businesses that suffer. The effects on them are lower profit levels, less business and possibly a collapse of the business altogether. In a report carried out on anti-competitive activities, the Office of Fair Trading reported that nearly a quarter of small and medium sized businesses in the United Kingdom believe that they are harmed by anti-competitive practices. We are businessmen and lawyers, giving us the ability to better understand and acknowledge the needs of businessmen. We can assist your business by carrying out a ‘Competition Law Audit’ or a ‘Full Legal Audit’ in order to establish whether any breaches have occurred and to advise on steps to remedy such breaches. We can also help business profitability and competitiveness in the market place by identifying competitors who themselves are in breach of the Chapter 1 and Chapter 2 Prohibitions and advise on steps that can be taken to prevent anti-competitive practices. These include claims for damages against such parties in respect of any losses sustained, injunctive relief, or indeed, referring the matter to the Office of Fair Trading for investigation and prosecution. By levelling out the playing field, businesses stand a better chance of beating the competition.
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