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• For example, 3-5 odds means that for every $5.00 you wager, you'll win $3.00. Payouts are determined by how much is in the total pool (all the money bet on all the horses to win) minus the 'take' which is usually between 14%-20% depending on the track.

Engineering firm CIMA+ has been ordered to pay $3.2 million over the next four years for bid-rigging on municipal infrastructure contracts in the province of Québec.

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Competition Bureau investigation has led to more than $12M in payments by six colluding firms

December 8, 2020 - GATINEAU, QC - Competition Bureau

Engineering firm CIMA+ has been ordered to pay $3.2 million over the next four years for bid-rigging on municipal infrastructure contracts in the province of Québec.

The payment is part of a settlement filed today with the Superior Court of Québec between the Public Prosecution Service of Canada and CIMA+. The settlement ends the Competition Bureau’s investigation of the company’s role in a bid-rigging scheme that targeted municipal contracts in Québec City, Montreal, Laval, St-Eustache and Gatineau between 2003 and 2011.

The settlement takes into account the fact that CIMA+ previously reimbursed overpayments related to the bid-rigging through the Government of Quebec’s Voluntary Reimbursement Program. The Court also ordered the company to maintain its corporate compliance program, which is designed to prevent further anticompetitive activity by its employees.

This is the sixth settlement resulting from the Bureau’s ongoing investigation. CIMA+ and five other engineering firms have been ordered to pay a total of $12,050,000 for their respective roles in the bid-rigging scheme. The five other firms include:

The $3.2 million payment by CIMA+ will be made to the Receiver General of Canada.

“There is a price to be paid by those who defraud taxpayers by rigging bids on municipal contracts. This latest settlement is a reminder that we will continue to pursue all those involved in such criminal schemes.”

Matthew Boswell
Commissioner of Competition

Quick facts

• The Bureau’s investigation has also resulted in guilty pleas by four former executives of engineering firms CIMA+, Genivar and Dessau for bid-rigging on City of Gatineau infrastructure contracts. They received conditional prison sentences totalling five years and 11 months, and court-ordered community service totalling 260 hours.

• Bid-rigging raises the cost of products or services. Bid-rigging on municipal contracts amounts to a theft of taxpayers’ money that could otherwise be spent on important public needs.

• If you suspect that you are a victim of big-rigging or have information about a bid-rigging scheme, please contact the Competition Bureau.

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The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

Jul 22

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2/10 net 30

See Also:
2/10 Net 30 Example
Credit Sales
Letter of Credit
Line of Credit (Bank Line)
Net 30 Credit Terms
5 C’s of Credit (5 C’s of Banking)

2/10 net 30, defined as the trade credit in which clients can opt to either receive a 2 percent discount for payment to a vendor within 10 days or pay the full amount (net) of their accounts payable in 30 days, is extremely common in business to business sales. Anywhere a vendor offers credit terms it is likely that they also offer some discount to motivate early payment.

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2/10 net 30 Meaning

2/10 net 30 means a discount for payment within 10 days. The purpose of this is to shorten accounts receivable cycles for those who provide credit terms. This is essential when vendors have accounts receivable turnover cycles which exist longer than preferred. A business that offers a 2/10 net 30 discount is expressing that it is more important to have cash as quickly as possible than it is to have the full amount of their payable. The fact that lack of cash is one of the main reasons businesses fail makes these terms commonplace. Businesses love to offer 2/10 net 30 for 2 reasons: it makes customers happy while speeding up cash cycles.

Variations on this method include 2/10 net 40, 2/10 net 45, 2/10 net 60, 2/10 n 30 EOM (end of month), and more. These terms may also be referred to in a variety of terms: 2/10 n 45, 2/10 n 60, 2/10 days net 30, 2 percent 10 net 30 days.

The 2/10 net 30 discount makes no statement on the payment of bills beyond 30 days. Vendors may or may not have a late payment penalty for such customers. It is up to the discretion of the purchaser to decide the best method of closing accounts payable when 2/10 n 30 is available.

2/10 n 30 journal entries vary depending on the accounting method used. LIFO vs FIFO, accounting vs economic income, and many other matters make 2/10 n 30 accounting somewhat complicated. Strong company policies must be in place to ensure smooth bookkeeping.

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2/10 net 30 Formula

3 To 2 Payout Chart

There is no single 2/10 net 30 formula. Despite this, 2/10 net 30 interest rate equations can often fall into this model:

If paid within 10 days:
Invoice Amount X 98% = 2/10 net 30 effective interest rate

If paid within 30 days:
Pay the invoice in full

2/10 net 30 Calculation

2/10 net 30 calculations are quite simple once understood fully.

The invoice amount is $10,000 and 2/10 net 30 accounting is in place.

If paid within 10 days, then:
$10,000 X 98% = $9,800 due with in 10 days

If paid within 30 days, then:
$10,000 is due

3 To 2 Odds Payout

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