Performance standards and ethics for project management remain to be firmly established. Research to provide guidelines for externally applied standards has only just begun. The contract serves as an internal standard against which the project may be judged. The author's experience suggests the following items as part of a possible ethical code: (1) project directors should seek funds only for projects in their range of competence; (2) project directors should seek funds only for projects they can commit themselves to; (3) project awards obligate the parties to adhere to the contract; (4) long-term personal commitments need careful monitoring; (5) proprietary rights to project materials must be clearly delineated; (6) project managers have an obligation to disseminate project results; and (7) funds must be dealt with honestly. (Author/PGD)