Code of Ethics in business activity

CODE
OF ETHICS IN BUSINESS ACTIVITY

THE BULGARIAN CHAMBER OF COMMERCE AND INDUSTRY - SOFIA

and its members, GUIDED BY THE DESIRE:

to build the prerequisites of proper market relationships;
to establish the principles of loyal competition;
to be in conformity with the established good traditions and practices of internal and international business relations,

PUTTING particular emphasis to the principles of ethics in the sphere of economic activities,

RECOMMENDS the following of these principles to all business subjects in the course of their interrelations. THE OBSERVANCE OF THESE RULES is a criterion for a good name of businessmen and for the reliability of their participation in the economic life of the country.

GENERAL

Art. 1. Every business subject, observing the acting legislation shall respect the principles of ethics in business relations.

Art. 2. (1) The principles of ethics in business activities correspond to the good customs of internal and international business relations built on good faith, correct relations, loyalty and accuracy.

(2) The principles of ethics in business activities require that every business subject shall strictly observe his/her obligations, within the law and agreed contractual conditions, and not to hamper the remaining business subjects to perform their obligations.

(3) The business subject shall not undertake obligations which in principle cannot be fulfilled by him/her.

Art. 3. No political influence or pressure shall be used in the business activities aimed at achieving economic interests for specific subjects or groups of persons.

INTERRELATIONS BETWEEN THE BUSINESS SUBJECTS

Art. 4. (1) The business subjects shall observe the principles of mutuality, including the right of mutually determined benefits of the performed activities.

(2) The failure of a specific business subject to observe the principles of ethics in business activities shall not free the remaining business subjects from their obligation to observe these principles to the same subject.

Art. 5. (1) Every business subject shall take part in negotiations with his/her counterparts observing the good tone, in compliance with the generally accepted principles and forms of correct relations, paying due respect to his/her partner(s) without any manifestation of inadmissible aggressiveness.

(2) The business subjects shall manifest mutual respect in their correspondence observing all requirements for respect and precision.

(3) In concluding contracts, the business subjects shall edit the clauses in such manner that they should be clear and accurate and not be interpreted in contradiction with the actual will of the parties.

Art. 6. Ethics in business activities demands the observation of the principles of free and fair competition and the treatment on equal par of all participants in the business life.

Art. 7. (1) In case of dispute, the business subjects shall show goodwill for their resolution by means of negotiations, by voluntary agreement as well as for the comprehensive factual clarification of disputes in Court or in arbitration.

(2) The use of such methods for implementation of concluded deals which contradict to good customs and ethics is incorrect.

Art. 8. (1) Incorrect is also the performance of business activities in a concealed manner or its utilization for concealing other activities.

(2) Incorrect is the performance of business activities with the only intention to receive benefits, preferences, subsidies or grants at the expense of the State Budget.

INTERRELATIONS BETWEEN BUSINESS SUBJECTS AND USERS

Art. 9. (1) The respect of the rights of the user and the satisfaction of his/her needs is an indicator for the public reputation of every business subject.

(2) Incorrect shall be to introduce the user in deceit, by supplying no information, or supplying insufficient to wrong information, or by any other activities at loggerheads with the good customs.

(3) Incorrect shall be the concealment from the user of any adverse consequences of the use of certain goods and services offered by a business subject.

(4) Any business subject who professionally deals with advertising activities or the dissemination of business information must warn his/her contracting party (parties) that the ordered advertisement or business information is in contradiction with the principles of ethics in business activities.

Art. 10. The business subjects shall not make offers without sufficient data for making the right decision by the consumer, especially when making hire-purchase sales, credit and insurance contracts and sale of securities.

Art. 11. The business subject shall make no declarations lacking the character of an obligation and can be treated, in business life, as a form of personal obligation, warrantee, or guarantee for third parties, and other similar.

Art. 12. Incorrect is the use of such forms or sales of goods and services which can create or distribute adverse public manifestations.

Art. 13. (1) The business subjects shall not apply fictitious lowering of prices of goods and services.

(2) Incorrect shall be any retention of sales of goods and services whose price increase is imminent.

ETHICS OF MANAGEMENT

Art. 14. (1) The managers of the business subjects shall popularize the principles of ethics among their employees and workers and look after their observation by the staff.

(2) Incorrect shall be the use of economic or other methods to compel physical persons to perform activities which offend their dignity and good customs.

FINAL RULES

Art. 15. The joining of the business subjects to the rule of this code is voluntary.

Art. 16. Business subjects who fail to observe the principles of ethics in their business activities can be publicized.

Art. 17. The Bulgarian Chamber of Commerce and Industry shall popularize this Code amongst the business subjects in order to make them join these rules and observe them in the country's business life.

Art. 1.	Every business subject, observing the acting legislation shall respect the principles of ethics in business relations.
Art. 2.	(1) The principles of ethics in business activities correspond to the good customs of internal and international business relations built on good faith, correct relations, loyalty and accuracy.
	(2) The principles of ethics in business activities require that every business subject shall strictly observe his/her obligations, within the law and agreed contractual conditions, and not to hamper the remaining business subjects to perform their obligations.
	(3) The business subject shall not undertake obligations which in principle cannot be fulfilled by him/her.
Art. 3.	No political influence or pressure shall be used in the business activities aimed at achieving economic interests for specific subjects or groups of persons.

Art. 4.	(1) The business subjects shall observe the principles of mutuality, including the right of mutually determined benefits of the performed activities.
	(2) The failure of a specific business subject to observe the principles of ethics in business activities shall not free the remaining business subjects from their obligation to observe these principles to the same subject.
Art. 5.	(1) Every business subject shall take part in negotiations with his/her counterparts observing the good tone, in compliance with the generally accepted principles and forms of correct relations, paying due respect to his/her partner(s) without any manifestation of inadmissible aggressiveness.
	(2) The business subjects shall manifest mutual respect in their correspondence observing all requirements for respect and precision.
	(3) In concluding contracts, the business subjects shall edit the clauses in such manner that they should be clear and accurate and not be interpreted in contradiction with the actual will of the parties.
Art. 6.	Ethics in business activities demands the observation of the principles of free and fair competition and the treatment on equal par of all participants in the business life.
Art. 7.	(1) In case of dispute, the business subjects shall show goodwill for their resolution by means of negotiations, by voluntary agreement as well as for the comprehensive factual clarification of disputes in Court or in arbitration.
	(2) The use of such methods for implementation of concluded deals which contradict to good customs and ethics is incorrect.
Art. 8.	(1) Incorrect is also the performance of business activities in a concealed manner or its utilization for concealing other activities.
	(2) Incorrect is the performance of business activities with the only intention to receive benefits, preferences, subsidies or grants at the expense of the State Budget.

Art. 9.	(1) The respect of the rights of the user and the satisfaction of his/her needs is an indicator for the public reputation of every business subject.
	(2) Incorrect shall be to introduce the user in deceit, by supplying no information, or supplying insufficient to wrong information, or by any other activities at loggerheads with the good customs.
	(3) Incorrect shall be the concealment from the user of any adverse consequences of the use of certain goods and services offered by a business subject.
	(4) Any business subject who professionally deals with advertising activities or the dissemination of business information must warn his/her contracting party (parties) that the ordered advertisement or business information is in contradiction with the principles of ethics in business activities.
Art. 10.	The business subjects shall not make offers without sufficient data for making the right decision by the consumer, especially when making hire-purchase sales, credit and insurance contracts and sale of securities.
Art. 11.	The business subject shall make no declarations lacking the character of an obligation and can be treated, in business life, as a form of personal obligation, warrantee, or guarantee for third parties, and other similar.
Art. 12.	Incorrect is the use of such forms or sales of goods and services which can create or distribute adverse public manifestations.
Art. 13.	(1) The business subjects shall not apply fictitious lowering of prices of goods and services.
	(2) Incorrect shall be any retention of sales of goods and services whose price increase is imminent.

Art. 14.	(1) The managers of the business subjects shall popularize the principles of ethics among their employees and workers and look after their observation by the staff.
	(2) Incorrect shall be the use of economic or other methods to compel physical persons to perform activities which offend their dignity and good customs.

Art. 15.	The joining of the business subjects to the rule of this code is voluntary.
Art. 16.	Business subjects who fail to observe the principles of ethics in their business activities can be publicized.
Art. 17.	The Bulgarian Chamber of Commerce and Industry shall popularize this Code amongst the business subjects in order to make them join these rules and observe them in the country's business life.