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� ITEM 15. ETHICS <br /> : <br /> The Participant shall maintain a written code of 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 federal funds. Such code shall provide that <br /> no empl oyee, officer or agent of the Participant shall participate <br /> i n the sel ecti on, or i n the award or acbni ni strati on of a contract <br /> supported by federal funds if a conflict of interest, real of <br /> apparent would be involved. Such conflict would arise when any of <br /> the parties set forth below has a financial or other interest in the <br /> firm selected for award: <br /> 1 , the empl oyee, officer or agent; <br /> 2, any member of his immediate family; <br /> 3. his or her partner; or <br /> 4, an organization which empl oys, or is about to empl oy, 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 anythi ng of a monetary value from contractors, potential <br /> contractors, or parties to subagreement. <br /> The Participant may set minimum rules where the financial <br /> interest is not substantial or the gift is an unsolicited item of <br /> intrinsic value. <br /> To the extent permitted by State or local law or regulations, <br /> such standards of conduct shall provide for penalties, sanc tions, 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 /> 13 <br />