Which law governs fair competition and trade practices in the construction industry?

The Sherman Antitrust Act is fundamental in governing fair competition and trade practices within the construction industry, as well as other sectors. This law, enacted in 1890, aims to prevent monopolistic behaviors and promote competition by making it illegal to restrain trade or commerce among states or with foreign nations. In the context of construction, it helps ensure that companies compete fairly and are not engaging in practices such as price-fixing, bid-rigging, or other anti-competitive behaviors that could harm consumers or other businesses.

Each of the other options serves distinct purposes that are not directly related to fair competition in the construction industry. The Fair Labor Standards Act primarily addresses wage and hour laws, the Occupational Safety and Health Act focuses on workplace safety and health regulations for employees, and the Contract Work Hours and Safety Standards Act governs labor standards on federally funded contracts. While these are all important legal frameworks, they do not specifically aim to regulate competition and trade practices like the Sherman Antitrust Act does.