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.