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Published by Kadian Tashell

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Published by: Kadian Tashell on Apr 12, 2011
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04/12/2011

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University of Technology, Jamaica Faculty of the Built Environment

BSc IN QUANTITY SURVEYING

The act is simply a system of checks and balances which aims to free the industry of corruption where possible. stifles economic growth and jeopardizes the existence of a business.FINALLY. . Corruption undermines fair competition. Therefore eliminating corruption will is expected to be profitable for businesses not only monetary but it helps to uplift the standard of business entities as well as the integrity of companies. It is also reported that deceitful public procurement deals where non competitive bidding leads to immense waste and unreliable goods and services. ³Ethical practices must be firmly embedded in all echelons of business´ and outlines that the reason for passing this law is to restore ethics to those companies which have been affected by acts of corruption and to maintain those which are already doing so.03 QUARTER 2010 pg 16-17 ABSTRACT Corruption in the construction industry is known fact that is acknowledge in this article. A LAW WITH TEETH . the Act is expected to help eliminate this. The Bribery Act sets out four offences: offering a bribe. The Act provides a framework to prosecute offenders. and failure of a commercial organization to prevent bribery. accepting a bribe. Bribery is an offense which is estimated to add at least 10% to the cost of business transactions and as such. According to the article. bribing a foreign official. Hence the UK has passed a law to reduce and eventually eliminate acts of corruption in the industry known as the Bribery Act.ICON INTERNATIONAL CONSTRUCTION REVIEW .

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