Importance of Code of Ethics

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Table of Contents

Introduction
Background
Conclusion
Reference

Introduction

To avoid conflicts of interest, comply with the set laws and standards and bring credit to the profession, the contact managers are expected to hold a specific code of ethics in line with the profession. The skills and competencies needed vary depending on the details of creating and administering the contract. In this paper, the discussion will be about defining, explaining and defending the importance of the code of ethics in contract managers.

Background

Ethics is a core value in the operation of any business as it determines the right, appropriate and wrong according to the set laws and standards. The code of ethics is a moral guideline that stipulates the expected behavior when faced with certain events or situations. It sets the expectations, standard of practice, and conduct principles, with clear penalties for the members who violate the established rules and guidelines. The National Contract Management Association provides contract managers with outlined principles, processes, rules, and regulations to comply with during contract acquisition (Ferrell et al., 2019). This guidance must be found during the administration processes and contract formation. The general obligations for the contract managers in the code of ethics are integrity, confidentiality, accountability, professionalism, and moral values such as respect, kindness, fairness. The violation of these ethics leads to penalties and punishments such as membership revocation, termination, or permanent disqualification (Ferrell et al., 2019). Upholding these codes of ethics helps establish good relationships with customers and contract partners and helps avoid lawsuits or any other related legal issues.

Conclusion

Every profession has its principles and rules that the members should comply with, which applies to the contract managers. The set guidelines and rules must be adhered to during the contract formation and administrative process to avoid any legal issues or punishments that may lead to disqualification. The code of ethics protects the business operations and ensures the employees are clear on the companys guiding principles.

Reference

Ferrell, O., Harrison, D., Ferrell, L., & Hair, J. (2019). Business ethics, corporate social responsibility, and brand attitudes: An exploratory study. Journal Of Business Research, 95, 491-501. Web.

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Importance of Code of Ethics

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