What is the definition of “unfair trade practices”?
Unfair trade practices are a set of actions that violate the law and are considered to be unfair to competitors in the marketplace. In Maryland, the definition of “unfair trade practices” is outlined in the Maryland Antitrust Act. According to the Act, unfair trade practices are defined as any practices that, “which would, directly or indirectly, unlawfully promote or restrain trade, or, which would, directly or indirectly, create a monopoly or otherwise interfere with free and open competition.” Examples of unfair trade practices may include, but are not limited to, price-fixing, bid-rigging, restrictive trade practices, exclusive agreements, deceptive advertising, tying of products, and the sale of counterfeit goods. In addition, the use of trade secrets, falsifying information to the government, and deceptive pricing practices are all considered to be unfair trade practices. Under Maryland’s Unfair Competition Law, businesses and individuals accused of unfair trade practices are subject to civil or criminal penalties including, but not limited to, removal of their business or product from the market, fines, and/or jail time. It is important to note that the penalties may vary depending upon the severity of the offense and the jurisdiction where the illegal activity occurred. It is also important to keep in mind that if someone is accused of an unfair trade practice, they have the right to defend themselves in court.
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