Principles Of Fair Business Practice
For The Equipment Leasing And Finance Association
In recognition of the prominence of the equipment leasing and finance sector as a key component of capital formation and the need to maintain the highest professional and ethical standards in order to continue its growth, the Equipment Leasing and Finance Association (ELFA or the Association), on behalf of its members, adopted these Principles of Fair Business Practices on October 21, 2006 (the Principles).
WHEREAS the Association acknowledges that its member companies are involved in commercial business transactions with varying degrees of complexity; and
WHEREAS the Association, on behalf of its members, recognizes that different companies appropriately employ different business practices depending on a variety of factors including but not limited to the nature of the market, the type of equipment being financed and the member company's business model; and
WHEREAS the equipment leasing and finance sector is dynamic and evolving, with member companies developing new and innovative products to meet market demand.
NOW BE IT RESOLVED that it is the intent of the Association, on behalf of its members, that the following Principles be embraced to ensure an adherence to clarity, best practices and integrity in the conduct of all facets of members' business transactions. Furthermore be it resolved that the Association's members intend that these Principles drive the development and implementation of both internal and external practices and policies of the Association and its members' business interactions and transactions.
- ELFA Members believe that all business agreements, arrangements and transactions should be conducted with transparency with respect to the roles and responsibilities of all parties. Full disclosure in and clarity of transaction documentation is a key element of such transparency.
- We believe that all member companies should conduct their business relationships with suppliers and customers in a fair and reasonable manner and should comply with the letter and spirit of applicable laws and regulations.
- We believe that all member companies should encourage, to the extent reasonably practical, that all parties to a business agreement, arrangement or transaction (including members' customers and suppliers) operate consistent with these Principles.
- We believe that it is incumbent upon members, and the Association on members' behalf, to promote education and awareness such that all parties to business dealings consult, where necessary or appropriate, their professional advisors.
- We believe that business transactions and related activities should be conducted with integrity and the highest ethical standards
- Finally, we believe that it is incumbent upon members, and the Association on members' behalf, to promote education and awareness of these Principles.
It is these Principles that guide the members of the ELFA as leaders in the equipment leasing and finance market place.