Text Box: By becoming a member of the International Association of Shiprepair Agents (IASA) the member agrees to subscribe to this Code of Ethics and adopts these rules as a standard of behaviour. For the purposes of this Code the following definitions and interpretations apply: Member – means a Member of the IASA Principal – means a shiprepair company represented by a Member Customer – means a company who awards shiprepair contracts to a Principal Committee – means the Management Committee of the IASA Agreement or Agency – means the contract between a Member and its Principal Rule 1. Fairness It is unethical not to treat all Members as colleagues respecting all common rules of decency and good business practice. Rule 2. Exclusivity It is unethical not to respect the Agreements between a Member and its Principal and any exclusivity and territorial boundaries granted by such an Agreement Rule 3. Competition. It is unethical to try to obtain an Agency already held by a Member, unless the Principal in question has already given that Member notice. Rule 4. Marketing. It is unethical to knowingly inform the Customers wrongly about the facilities/capabilities of a Principal. Rule 5. Defamation of Members. It is unethical to disparage a Member or his Principal. Rule 6. Employees of Members. It is unethical to hire employees of Members without mutual agreement. Rule 7. Protection of Principal’s interest. It is unethical without the consent of both parties, to represent or solicit business for Principals who consider each other competitors. Rule 8. Openness. It is unethical not to inform Members, if asked, of sudden changes in the financial status of Customers or Principals. Rule 9. Information obligation. It is unethical not to inform the Secretary of the IASA about gross unprofessional behaviour of ship repair companies be they Principals or otherwise, so that same can be made aware to other Members if deemed necessary by the Committee. Version 2003 Rounded Rectangle: Code of Ethics