Legal Definitions - bona fides

Bona Fides

Bona fides refers to the state of acting with honesty, sincerity, and a genuine intention to fulfill one's obligations, without any hidden motives, deceit, or malicious intent. It essentially means "good faith." When someone acts with bona fides, they are behaving in a trustworthy and honorable manner, consistent with what a reasonable person would expect in a given situation.

Here are some examples illustrating bona fides:

• Imagine a small business owner selling their company. If they fully disclose all known financial liabilities, ongoing legal disputes, and potential risks to the prospective buyer, they are demonstrating bona fides.

  This illustrates the term because the seller is acting with transparency and honesty, providing all relevant information without attempting to conceal any negative aspects that might influence the buyer's decision or the company's true value. Their intention is to facilitate a fair and informed transaction.

• Consider a tenant who informs their landlord about a minor repair issue in their apartment, such as a leaky faucet, even though it's not causing significant damage yet. They do this with the genuine intention of preventing future, more serious problems and maintaining the property.

  This shows bona fides because the tenant is acting responsibly and with a sincere desire to uphold their part of the tenancy agreement by proactively addressing potential issues, rather than ignoring them or attempting to hide damage. They are not trying to avoid responsibility or cause harm.