Eddy, Arthur Jerome: The new competition: an examination of the conditions underlying the radical change that is taking place in the commercial and industrial world ; the change from a competitive to a cooperative basis (New York [u.a.], 1912)

RELATIONS WITH CUSTOMERS 191
But in a broader sense such agreements extend and ex-
pand trade, for they place it on a sounder, healthier foot-
ing.
They do not curtail competition. Given a standard
form of contract, it matters not how minute the provisions
covering every detail of the work, so long as the final
price is not fixed, competition is not only as free as before
the adoption of the contract, but freer, since each man
knows precisely upon what all the others are bidding; the
competition becomes a matter of price with no opportunity
for evasion, no chance to get the better of either the pur-
chaser or other bidders by cunning in the drafting of this
provision or that.
XI
To summarize the argument:
Into any given transaction such as the letting of a con-
tract a great many elements enter. Practically all of these
elements fall under:
1. Time of performance; 2. Manner of performance;
3. Terms of payment. Either side may combine and dic-
tate any two of these elements and so long as one is not
fixed competition may be as keen as before. This is es-
pecially true when terms of payment are left open.
An association of sellers may adopt the most stringent
rules regarding, (1) Time of performance, and (2) Man-
ner of performance, without affecting competition or re-
straining trade, so long as each is left free to bid as he
pleases regarding (3) Terms of payment.
The very theory of the open-price movement is to leave
each member free to fix his own price on his products or
his work, but to reduce to a minimum every other element
of uncertainty in the trade.