1.	The foundation of business is confidence which springs from integrity, fair dealing, efficient service and mutual benefit.
2.	The reward of business for service rendered is a fair profit plus a safe reserve, commensurate with risks involved and foresight exercised.
3.	Contracts and undertakings, written or oral, are to be performed in letter and in spirit.  Changed conditions do not justify their cancellation without mutual consent.
4.	Knowledge - thorough and specific - and unceasing study of the facts and forces affecting the business enterprise are essential to a lasting individual success and to efficient service of the customer.
5.	Unfair competition, embracing all acts characterized by bad faith, deception, fraud or oppression including commercial bribery, is wasteful, despicable and a basic wrong.  Business will rely for its success on the excellence of its own service.
6.	Equitable business practices require due consideration of capital, management, employees and the customer alike.
7.	Controversies will, where possible, be adjusted by voluntary agreement or impartial arbitration.
8.	The members of the PETROLEUM EQUIPMENT CONTRACTORS ASSOCIATION OF NEW JERSEY, by virtue of their membership, have and do signify their wholehearted willingness to adopt the above stated principles of business and to practice these teachings in their daily business life.