good faith

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Bona Fide

In law, belief that a statement or act is made or done honestly and with no ill intent, even if ill effect results. Liability for ill effect may be lessened or eliminated if the statement or act causing it was bona fide. The term is Latin for "in good faith," and the concept is sometimes referred to in this way.

good faith


References in periodicals archive ?
Because of the establishment of reasonable business procedures and X's good faith efforts to ensure compliance with those procedures, X has established reasonable cause and good faith that would prevent the application of the negligence penalty for failing to keep adequate books and records or to substantiate items properly.
Thus, even after the expiration of the transition period, no penalty should be imposed where the taxpayer has made a good faith effort to comply with the State's EFT procedures.
The certifications intent is to document the good faith efforts undertaken by the Consultant in soliciting and utilizing DBE firms to meet the DBE participation requirements for the contract/project.
Although they made good faith efforts to make timely allocations, they often paid punitive taxes for their inadvertent mistakes.
Good Faith Efforts To Meet Contract Dbe Goal - If The Contract Dbe Goal (if Any) Cannot Be Fully Met Through Dbe Participation On This Contract, The Bidder Must Submit A Signed Letter On Its Company Letterhead And Supporting Documentation To Show That All Reasonable "Good Faith Efforts" Were Made Toward Fulfilling The Required Dbe Goal.