Common use of COMPETITION LAW AND AUTHORITIES Clause in Contracts

COMPETITION LAW AND AUTHORITIES. 1. Each Party shall adopt or maintain competition laws that promote and protect the competitive process in its markets by proscribing conducts or transactions referred to in Article 20.1.2. Each Party shall take appropriate actions with respect to those conducts or transactions with the objective of promoting an efficient functioning of the markets and consumer welfare. 2. Each Party shall establish or maintain an authority or authorities responsible for the enforcement of its competition laws. 3. Each Party shall ensure that any exemptions to the competition laws shall be stipulated in its legislation and implemented transparently. ARTICLE 20.3: IMPLEMENTATION 20-1 1. The enforcement of competition policies by the competition authority, shall be consistent with the principles of transparency, timeliness, non-discrimination and procedural fairness. 2. Each Party shall provide persons subject to the imposition of a sanction or remedy under its competition legislation with reasonable opportunity to present evidence, to be heard and to seek judicial review of the sanction or remedy, according to the legislation of each Party. 3. Each Party shall make publicly available its competition legislation. 4. Each Party shall ensure that all final decisions finding a violation of its competition laws are provided in written form and set out any relevant factual findings and legal basis on which the decision is based, according to the legislation of each Party.