Competition law relates to the conduct of companies in the commercial marketplace. The Competition Act 1998 has clear aims and strategies which are designed to maintain fair market competition.
The law within the UK covers two separate elements:
- anti-competitive agreements
- abuse of a dominant position
It's imperative that a company's senior management team contemplates and adheres to competition law; not only to avoid criminal sanctions, but also so that it has a clear understanding of its own worth and can protect itself in the marketplace. Oratto member lawyers have expert knowledge of the details of competition law and are ideally placed to advise you on sensible solutions and strategies.
Unfortunately, competition law is an area which is frequently breached. Company behaviour relating to profitability is always going to be an attractive target for manipulation. This is what the competition law regulations seek to prevent.
What happens if competition law is disobeyed?
For those who do not adhere to the law on competition in the marketplace, there can be serious consequences. We can connect you today with an Oratto member lawyer who will be able to assess your situation and advise accordingly. Competition law can be a complex area and if you have any concerns, seeking out the best legal assistance possible is highly recommended.
There are harsh penalties for breach of competition law. These include rendering any agreements as unenforceable, losing 10% of global turnover in fines, and, in addition, a company could be at risk of legal action being brought for damages and criminal proceedings.
Contact Oratto today; a consultation with one of our member solicitors can advise you in relation to your competition law situation today.