What do you understand by Vertical Agreements under the Competition Act, 2002 ? State various types of Vertical Agreements mentioned in the Competition Act, 2002.

Section 3(4) of the Competition Act, 2002 provides that any agreement amongst enterprises or persons at different stages or levels of the production chain in different markets, in respect of production, supply, distribution, storage, sale or price of, or trade in goods or provision of services, shall be an agreement in contravention of section 3(1) of the Act if such agreement causes or is likely to cause an appreciable adverse effect on competition in India. Such agreements are known as vertical agreements as they are entered into enterprises at different stages in the production or supply chain. Rule of reason is applicable to such agreements in order to find appreciable adverse effect on competition. Agreements that are likely to cause appreciable adverse effect on competition also fall under sub-section (4). Various type of vertical agreements are as under: Tie-in agreement, Exclusive supply agreement, Exclusive distribution agreement Refusal to deal Resale price maintenance