The 17-point code covers areas of concern for promoters, buyers and sellers including honesty, transparency and equity.

It follows the EU directive on e-commerce and national legislation to promote codes of conduct in the auction arena. It has been developed partly due to the popularity of reverse auctions, in which firms compete for jobs by tendering increasingly lower prices.

"The more these codes of conduct are similar in their content and generally adhered to by the interested parties, the more e-auctions will have a future as a way of doing business," said the organisation in a statement.

For details of the code visit www.intergraf.org.