What is an undertaking in competition law?

In Union competition law, the concept of an undertaking encompasses every entity engaged in an economic. activity, regardless of the legal status of the entity and the way in which it is financed.

What is considered an undertaking?

‘Undertaking’ is the practice of overtaking a slower moving vehicle on its left-hand side (kerb side).

What is the legal definition of undertaking?

undertaking n 1 : a promise or pledge esp. required by law. 2 : something (as cash or a written promise) deposited or given as security esp.

What does undertaking mean in EU law?

For the purpose of EU antitrust law, any entity engaged in an economic activity, that is an activity consisting in offering goods or services on a given market, regardless of its legal status and the way in which it is financed, is considered an undertaking.

What is the penalty prescribed for engaging in anti competitive agreements?

In the case of anti-competitive agreements and abuse of dominance, the CCI may impose fines of up to 10 percent of the average turnover for the last three preceding financial years upon each of such persons or enterprises that are parties to such agreements or abuse.

Is a university an undertaking?

Universities are subject to the full rigours of EU and UK competition law because they will likely be deemed to be “undertakings” when they supply goods or services on a given market.

What do you write in an undertaking?

Undertaking Letter Writing Guidelines

1. Include the exact terms of conditions and any other relevant information.
2. Ensure that the letter is drafted in a formal tone.
3. The matter must be unambiguous and short.
4. Try to avoid technical jargons that may hamper the clarity of the terms.

What is the synonym of undertaking?

Synonyms & Near Synonyms for undertaking. assurance, guarantee, guaranty.

What is an undertaking in law example?

An Undertaking is a document created by either a court or the police that places the person being charged with an offence under certain conditions. Common conditions include abstaining from consuming or possessing drugs or alcohol, or promising to stay away from certain people or places.

Who can give an undertaking?

Undertakings are given on behalf of the firm and not an individual. You should only give an undertaking if you are duly authorised by your firm to do so. If you are so authorised, you must ensure you comply with any procedures your firm has in relation to undertakings.

What are the anti-competitive agreement?

Anti-competitive agreements are agreements among competitors to prevent, restrict or distort competition. Section 34 of the Competition Act prohibits agreements, decisions and practices that are anti-competitive. Price fixing involves competitors agreeing to fix, control or maintain the prices of goods or services.

Which act has control on competition?

The Competition Act, 2002 [“Competition Act”] was brought into force in order to regulate trade and corporate restructuring practices that threaten competition.

What is the legal definition of an undertaking?

In the event the defendant fails to appear, the amount posted as bail is forfeited. An undertaking with adequate security is a bond. The term is used in a general sense to refer to any type of promise or stipulation. West’s Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

What does competition law mean in the UK?

uk ​ us ​. ​. › LAW the laws that are intended to make sure that there is fair competition between businesses, for example by making rules to control monopolies: In the debate on the enforcement of competition law, many take the view that Europe should not fall into the trap of excessive litigation.

What is the purpose of the EU Competition Policy?

the competition policy of the European Union ( EU) is designed to maintain an open market economy with free competition favouring an efficient allocation of resources.

When is an undertaking required in a property action?

Note: Undertakings are often required of one party during property actions (as for attachment) in order to compensate the other party should the court’s action (as in attaching the property) be found unjustified later. Love words? Need even more definitions?