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ITEM 16. Ethics <br /> The Participant shall maintain a written code or standard of <br /> conduct which shall govern the performance of its officers, <br /> employees or agents engaged in the award and administration of <br /> contracts supported by State or federal funds. Such code shall <br /> provide that no employee, officer or agent of the Participant shall <br /> participate in the selection, or in the award or administration of a <br /> contract supported by federal funds if a conflict of interest, real <br /> or apparent would be involved. Such a conflict would arise when any <br /> of the parties set forth below has a financial or other interest in <br /> the firm selected for award: <br /> 1. the employee, officer or agent; <br /> 2. any member of his immediate family; <br /> 3. his or her partner; or <br /> 4, an organization which employs, or is about to employ, any ' <br /> of the above. <br /> The code shall also provide that the Participant's officers, <br /> employees or agents shall neither solicit nor accept gratuities, <br /> favors or anything of monetary value from contractors, potential <br /> contractors, or parties to sub- agreements. <br /> The Participant may set minimum rules where the financial interest <br /> is not substantial or the gift is an unsolicited item of intrinsic <br /> value. <br /> To the extent permitted by State or local law or regulations, such <br /> standards of conduct shall provide for penalties, sanctions, or <br /> other disciplinary actions for violations of such standards by the <br /> Participant's officers, employees or agents, or by contractors or <br /> their agents. <br /> 14 <br />