Petition: Definition, Example and Related Terms
What is a Petition ?
A petition is a formal request made to an authority, often in the form of a written document, that seeks to bring about a specific action or change.
In a commercial context, a petition can be a tool used by businesses or individuals to seek a resolution or remedy in situations where they believe their rights have been infringed or where they are dissatisfied with a current state of affairs. For example, if a company believes that a competitor is engaging in unfair practices, they may file a petition with a regulatory authority to investigate the matter and take corrective action if necessary.
Example(s)
Scenario Description A group of small businesses in a local area are unhappy with the high rates of a particular utility service. They believe these rates are unfairly high and are hurting their businesses. In this case, the businesses might come together to file a petition with the utility company or a relevant regulatory authority. The petition could outline their concerns, provide evidence to support their claims, and propose a solution, such as a reduction in rates or a review of the utility's pricing policies. A company signs a contract with a supplier, but the supplier consistently fails to meet the agreed-upon delivery times, causing disruption to the company's business. The company could file a petition with a court or arbitration body to seek redress. The petition would detail the issue, including how the supplier's actions are violating the contract and causing harm to the company, and what remedy the company is seeking, such as compensation or enforcement of the contract terms.