cover bidding

(redirected from cover pricing)

cover bidding

or

cover pricing

n
the act of tendering an artificially high price for a contract, on the assumption that the tender will not be accepted
References in periodicals archive ?
The OFT said most of the offences involved socalled cover pricing, where one or more bidders arranges for competitors to put down high bids.
Local Government Association chairman Margaret Eaton said: "There are simply no excuses for collusion or cover pricing, which leaves the public and councils to pick up the tab.
The OFT warned today's revelation could be just the tip of the iceberg, with the practice of cover pricing described as "widespread and endemic" in the construction industry.
The company stressed that it was committed to the news-trade through its cover pricing strategy.
The predictions will cover pricing trends in voice, video, and webconferencing, as well as TeleSpan's pick of companies that will "hit the wall" or be picked up in consolidations in the next 24-36 months.
Most of the offences involved so-called cover pricing, where one or more bidders arrange for competitors to put down high bids.
This decision sends a strong message that anti-competitive and illegal practices, including cover pricing, must cease.
Sir Simon Milton, chairman of the Local Government Association, said: "There are simply no excuses for collusion, bid rigging or cover pricing which leaves the public and councils to pick up the tab.
The panel discussion will be moderated by Mark Hand, editor of Gas Daily, and will cover pricing and revenue optimization best practices in energy trading and transportation.
On another occasion it was one of five firms engaged in cover pricing out of six bidders for a pounds 1.
Stephen Blake, one of the project directors on the case, said the OFT was not aware of the extent of cover pricing in the construction industry before the 2004 complaint, although it had conducted a previous investigation into the practice in the roofing sector.