WE HOLD that a responsibility of participants in the world
pump industry is to be a constructive force in business.
WE HOLD that to discharge this responsibility, companies must
recognize an obligation, not only to their customers, but to the public and to
each other. As a business, it must
operate within the framework of competition because keen and vigorous
competition, honestly conducted, is necessary to the growth and the health of
business world-wide. Unethical business
practices in the pump industry lead to financial waste, dilution of product
quality, diversion of effort, loss of trust and prestige, and weaken public
confidence in products and the industry.
WE HOLD that member companies and partners must not only obey
applicable laws and regulations, but also must compete on merit and not by
attempts at discrediting or disparaging a competitor or its products; or by
deceptive advertising or promotion; or by circulating harmful rumors about
another business; or by making unwarranted claims of particular skill in
manufacturing products; or by unlawfully copying the products or taking the
intellectual property of another company; or by any conduct offensive to
business or the public generally.
WE RECOGNIZE that there will be areas subject to honestly
different interpretations and judgment.
Nevertheless, this Code is adopted in the belief that sound and ethical
business practices constitute good policy and good business for our members.
TO THESE ENDS the HYDRAULIC INSTITUTE has adopted this Code
as being in the best interests of its members and partners, their customers,
and the general public. The association
believes that this Code’s provisions can serve as a guide to the kinds of
business conduct that experience has shown to be wise, foresighted and
constructive. By accepting membership or
partnership in the association, the parties agree to follow it. Clear and willful violations of this Code by
a member or partner may be referred to the Board of Directors of the
association for appropriate action, including possible termination of
membership or partnership pursuant to the applicable provisions of the
Constitution and By-Laws of the HYDRAULIC INSTITUTE.