cover pricing
n.— «The four-year investigation—one of the OFT’s biggest—centred on a practice known as cover pricing, in which construction firms secretly agreed the prices they would submit during a tender process. A firm that did not want to win the contract would submit a price that was much too high. In some cases, the eventual successful bidder would then reward them with a secret payment.» —“OFT accuses construction firms of price rigging” by Graeme Wearden, Mark Milner Guardian (United Kingdom) Apr. 17, 2008. (source: Double-Tongued Dictionary)
Further reading
Sneaky contract lingo, advice for writing well, and preserving a dying language. Say you’re scrolling through an online transaction where you’re asked to read the “Terms and Conditions.” Do you actually read them or just check the...
When you get to the stage of an online transaction where you’re asked to read the “Terms and Conditions,” do you actually read them? Or do you just check the box and move on? A London security firm once offered free use of a WiFi...