The corporate world is notoriously tough and rival firms compete to gain advantages. Competition is healthy to an extent as it keeps prices competitive for consumers and ensures high quality goods and services.
Nonetheless, there are times when the competition between rival firms can become unfair. Unfair business practices from a rival can put your company at risk. What are some of the more common examples of unfair business practices?
Stealing your intellectual property
You’ve developed a solid and reputable brand. Your company is distinct and recognizable because of your unique products, methods, logos and advertisements. These factors put together are often referred to as intellectual property. They are owned by you and should not be used by a rival firm.
Often, rival firms may look at what makes your company successful and attempt to copy your business model. If this crosses the line in terms of the rival company copying your branding, then this may amount to intellectual property theft. Intellectual poverty theft is one of the most common forms of unfair business practices.
Defamation
Rather than copying your brand, a rival firm may take steps to ruin your reputation. For example, they may tell customers that your company provides inferior goods and services. They may lie and say that your business has extortionate prices and rips customers off on a routine basis.
Misleading statements that damage your company could be a form of defamation, which is one of the more common forms of unfair business practices.
There are several ways that you can deal with companies engaging in unfair business practices. The first step is to seek as much legal information as possible.
