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In human interactions, good faith (Latin: bona fidēs) is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction.Some Latin phrases have lost their literal meaning over centuries, but that is not the case with bona fides, which is still widely used and interchangeable with its generally accepted modern-day English translation of good faith. [1]
The concept of good faith was established in the insurance industry following the events of Carter v Boehm (1766), and is enshrined in the Insurance Contracts Act 1984 (ICA). [26] The act stipulates, in Section 13, obligations of all parties within a contract to act with utmost good faith.
The duty to act in good faith is an obligation not only to make decisions free from self-interest, but also free of any interest that diverts the control persons from acting in the best interest of the company. The duty to act in good faith may be measured by an individual's particular knowledge and expertise.
in good faith Implies sincere good intention regardless of outcome. / ˈ b oʊ n ə ˈ f aɪ d i / bona vacantia: ownerless goods cadit quaestio: the question falls Indicates that a settlement to a dispute or issue has been reached, and the issue is now resolved. casus belli: case of war The justification for acts of war. / ˈ k eɪ s ə s ˈ b ...
Though there is no statutory definition of this obligation to act “dutifully and in good faith”, it has been suggested that it requires principals and agents to act "with honesty, openness and regard for the interests of the other party to the transaction". Two "normative precepts" [12] assist in concretising this standard of conduct:
Uberrima fides (sometimes seen in its genitive form uberrimae fidei) is a Latin phrase meaning "utmost good faith" (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts .
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Good faith is a sincere intention to be fair, open and honest. Good faith may also refer to: Good faith (law), implied covenant of honesty and fair dealing in contract law; Good Faith (Rik Emmett album) (2003), eighth studio album by Canadian guitarist Rik Emmett; Good Faith (Madeon album), a 2019 album by French DJ and producer Madeon