Legal Definitions - trade practice

A trade practice is a common way of conducting business within a particular industry. It refers to the methods and standards that are commonly used by businesses to produce and sell their products or services.

For example, in the construction industry, it is a trade practice to use certain specifications for the size, thickness, and quality of building materials. These specifications are commonly accepted and used by all businesses in the industry, ensuring consistency and quality in the final product.

Another example of a trade practice is the use of standardized packaging in the food industry. This ensures that products are easily identifiable and that consumers can make informed choices about the products they purchase.

Overall, trade practices are important for ensuring consistency and quality within an industry. They help to establish standards that all businesses can follow, which benefits both businesses and consumers.