Document:

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                                                                   Exhibit 10.31
                                                                   -------------

                         BUSINESS CONDUCT POLICY SUMMARY

         This Policy Statement is intended to provide you with general guidance
with respect to common ethical and legal issues vital to the maintenance of the
business reputation of "MedSource" or the "Company". It does not, and cannot,
cover all situations that may arise. It is designed to alert you to problems you
may face and to let you know when to seek guidance before taking action that may
cause problems for you and/or vendors, customers or fellow MedSource employees
and stockholders.

         Problems usually can be avoided or minimized if advice is obtained at
the outset of business dealings rather than at a later stage when necessary
changes may be more difficult to make. In all cases uncertainties should be
resolved by promptly consulting either the CEO, CFO, VP of Human Resources or
MedSource Legal Counsel.

         Certain matters are explained in detail in this Policy Statement
because of their particular importance to MedSource's business activities. This
Policy Statement, however, is only a guide, and is not limited to these specific
matters. All MedSource employees must comply with all applicable laws and
regulations and behave in an ethical and legal manner in the conduct of
business. Failure to do so is a serious matter and may result in dismissal
and/or legal action by the Company against the employee. Furthermore, such
failure might involve the violation of federal, state and local laws, exposing
the employee, in some cases, to possible criminal sanctions and/or civil
charges.

         As used throughout this Policy Statement, the term "MedSource" or the
"Company" refers to MedSource and its divisions, subsidiaries and affiliated
corporations.

         Our policies reflect our commitment to the principles embodied in the
MedSource Technologies Mission Statement and Values. We endeavor at all times to
respect customer requirements for confidentiality, ethical behavior, and
partnership. We will treat each other with respect and dignity. We will
encourage learning on and off the job. We will obey the laws of host countries.
We will hold ourselves accountable to high standards of reliability and
performance. We will honor our commitments.

         As in any progressive, dynamic organization, our policies may change
from time to time. Consequently, the policies described in this document are
subject to revision, addition, and deletion. Therefore, this Policy is not a
contract between MedSource Technologies, Inc. and any employee.

ALL MANAGERS AND SUPERVISORS ARE RESPONSIBLE FOR THE ENFORCEMENT OF AND
COMPLIANCE WITH THIS POLICY STATEMENT INCLUDING NECESSARY DISTRIBUTION TO ENSURE
EMPLOYEES' KNOWLEDGE AND COMPLIANCE.

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           The policies in this manual are categorized under four general
headings:

                 I.    Professional Conduct

                 II.   Employee Practices

                 III.  Community Obligations

                 IV.   Customer Confidentiality

           I. Professional Conduct

              Confidentiality
              ---------------
              MedSource Technologies, as a condition to partnering with
              customers, and as a requisite to our development as the world's
              leading supplier to the industry, must protect proprietary
              information, technology, trade secrets, computer software,
              customer information, general assets, and all other tangible and
              intangible property. All employees have a common interest to
              insure that no one outside the company obtains any intellectual
              property through unauthorized means, and that no employee
              accidentally or intentionally distributes to an unauthorized
              person any of this vital information or property.

              All employees will be required to sign and adhere to the
              conditions of a Confidentiality Agreement as a condition of
              employment.

              Professional Ethics
              -------------------
              Employees shall avoid any activity that may involve a conflict of
              interest. Examples of such activity include outside employment
              that interferes with work performance at MedSource Technologies,
              work for pay with a competitor, significant investment in a
              competitor or supplier, or securing financial gain or other
              benefit from MedSource Technologies' commercial activities, such
              as accepting gifts or benefits from suppliers, customers, or
              others with a commercial interest in our business.

              Professional ethics extend to our obligation to conduct all
              business on behalf of MedSource honestly and with proper regard
              for the proprietary nature of information and property we may
              possess.

                                                                               2

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          II. Employee Practices

              Equal Employment Opportunity
              ----------------------------
              It is MedSource Technologies' policy to provide equal opportunity
              to all employees and applicants for employment as a matter of good
              practice, and, as required, in accordance with all applicable
              Equal Employment Opportunity and Affirmative Action laws.

              MedSource Technologies also provides reasonable accommodations to
              those employees with qualified disabilities and, in the U.S., in
              accordance with the Americans with Disabilities Act.

              Educational Opportunity
              -----------------------
              MedSource Technologies encourages employees to take the initiative
              to continuously learn and improve skills. The company provides
              financial assistance to full time employees who choose to continue
              their education. The primary qualification for approval of
              reimbursement is based on the educational potential for developing
              the individual as an employee and/or as a person. The company, in
              its discretion, may determine what courses will be reimbursed, and
              modify or discontinue this benefit at any time.

              Sharing Knowledge
              -----------------
              MedSource Technologies has established an intranet, including a
              bulletin board, as an opportunity for all employees to share best
              practices and assist each other in personal and professional
              development. Opportunities to broadly communicate include the
              obligation to use such facilities for business purposes only, and
              with appropriately high professional and ethical standards. The
              company reserves the right to monitor its communication network to
              insure its efficacy and proper use.

              Participating in the Company's Financial Growth
              -----------------------------------------------
              MedSource Technologies offers employees an opportunity to
              participate in a comprehensive program of benefits designed to
              allow eligible employees an opportunity to develop personal
              financial security during their years of employment, as well as to
              insure against catastrophic losses due to illness or accidents.
              These benefits include but are not limited to a comprehensive
              program of health and related insurances as well as a company
              matching 401k-benefit program.

              Treating Each Other with Respect and Dignity
              --------------------------------------------
              It is a strict MedSource Technologies policy to maintain a working
              environment that is both challenging and rewarding, yet free from
              offensive or degrading remarks or conduct. The standards for
              appropriate behavior have been well defined by Title VII of the
              Civil Rights Act and various state human rights acts.

                                                                               3

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              Inappropriate behavior includes threats of violence, or degrading
              or offensive remarks about another employee's race, sex, gender,
              religion, national origin, age, marital status, sexual
              orientation, physical or mental disability, pregnancy, or any
              other protected class. Harassing another employee, meaning
              deliberate and/or unsolicited verbal comments, gestures, or
              physical contact are not appropriate forms of behavior and may
              result in termination of employment. Any such conduct should be
              reported immediately, so that the issue can be promptly resolved.

         III. Community Obligations

              Community Relations
              -------------------
              MedSource Technologies values its integrity and status as a good
              citizen, and intends that all business practices be conducted
              legally and with sound, ethical judgment. MedSource Technologies
              will not offer to pay money or give anything of value to
              government officials, political parties, or candidates, or any
              individual agent directly or indirectly in order to secure a
              business advantage. Employees are invited to volunteer for
              community service activities as a demonstration of MedSource
              Technologies' belief in good corporate citizenship.

              Media Relations
              ---------------
              Communication with the media must be accurate and factual, rather
              than via third party or opinion. MedSource Technologies will
              designate a company spokesperson to manage communication with the
              media. All requests for information must either be forwarded to
              the designated company spokesperson or to a member of the
              MedSource Executive Operating Board.

              Environmental Safety
              --------------------
              Federal, state, and local laws regulate emissions from our
              facilities as well as the physical safety of employees. It is
              MedSource Technologies' intent to provide a hazard free and
              environmentally friendly work place, and adhere to applicable
              laws. These laws and regulations are complex. Contact your
              supervisor immediately if you are faced with what appears to be an
              environmental or health issue.

              Accident, Fire, or Other Significant Environmental Incident
              -----------------------------------------------------------
              Any such incident should be reported immediately to a senior
              officer of the company. In the event an incident attracts media
              attention, employees should refer requests from the media to the
              designated company spokesperson or Executive Operating Board
              member.

                                                                               4

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      IV. CUSTOMER CONFIDENTIALITY

          A critical goal for MedSource is to build and maintain credibility
          with existing and potential customers regarding their ability to share
          new product development plans and existing projects with us. Nothing
          is more fundamental to our business than building trust with our
          customers. Confidentiality protocols have been established to maintain
          this credibility and follow during customer facility audits.

                             BUSINESS CONDUCT POLICY

      I.  PROFESSIONAL CONDUCT

          A.  POSSIBLE CONFLICTS OF INTEREST

          Any kind of financial or personal interest which might affect (or
          appear to affect) your judgment in dealing on behalf of MedSource with
          outside firms or individuals must be avoided. A conflict of interest
          arises when an employee's duty to give his or her undivided commercial
          loyalty to MedSource is prejudiced by an actual or potential benefit
          derived from another source. MedSource does not desire to discourage
          or limit freedom to make investments and engage in outside interests,
          as long as these activities do not interfere with the performance of
          your obligations to MedSource as an employee.

          Since not every situation is clear, whenever there is any question
          about a possible conflict of interest, consultthe CEO, CFO, VP of
          Human Resources or MedSource Legal Counsel. In the event a conflict or
          potential conflict is found to exist, the matter will be resolved in a
          manner which considers the interests of the employee and MedSource.

          Although it is not feasible to describe every situation which could
          give rise to a conflict of interest, the following list describes some
          common activities which should be avoided:

          1.   Financial Interests in Suppliers, Customers, Competitors, etc. -
               -------------------------------------------------------------
               Holding a financial interest, directly or indirectly (as an
               owner, employee, stockholder, partner, joint venturer, creditor,
               guarantor or director), in a firm which either renders services
               or supplies materials or equipment to MedSource, or with which
               MedSource competes, or to which MedSource provides services or
               supplies materials or equipment is prohibited. Engaging in such a
               supplier, customer or competitor relationship with MedSource
               yourself is also prohibited.

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          The holding of not more than 1% of the outstanding securities of a
          publicly owned corporation (i.e., one whose stock is registered with
          the Securities and Exchange Commission) in which MedSource has no
          interest will not be deemed a violation of this Policy Statement
          unless there are other factors which may indicate a potential
          conflict. (If you have a question, discuss it with a senior officer of
          the Company).

     2.   Personal Speculation - Speculating or dealing in equipment, supplies,
          --------------------
          materials, or property purchased by MedSource, or speculating or
          dealing for your own account in products sold by MedSource is
          prohibited.

     3.   Solicitation or Acceptance of Gifts or Favorable Considerations -
          ---------------------------------------------------------------
          Accepting cash, commissions or other payments, or borrowing money,
          from suppliers, customers, individuals or firms with which MedSource
          does business or competes is a conflict of interest. Loans are
          permissible from established financial institutions, at normal
          interest rates and terms prevailing at the time of the actual
          borrowing. Also, accepting gifts, favors or entertainment or other
          personal items of more than nominal value from suppliers, customers,
          individuals or firms with which MedSource does business or competes is
          not permissible.

     4.   Confidential or Proprietary Information - Misusing for personal gain
          ---------------------------------------
          information to which you have access by reason of your position, or
          disclosing confidential or proprietary information to competitors, to
          any other person or entity outside MedSource or to others in MedSource
          having no business need to know is prohibited. Confidential
          information includes information on any aspect of the business of
          MedSource or of its customers or suppliers not generally known to the
          public. This includes such information as trade secrets, confidential
          information of a technical, financial or business nature or other
          "inside information".

     5.   Outside Activity - MedSource Technologies employees shall not engage
          ----------------
          in outside employment or activity which would conflict with the
          company's interests or which would reduce the efficiency of the
          employee in performing his or her duties at MedSource.

     6.   Misappropriation of Business Opportunity - Appropriating for your
          ----------------------------------------
          personal benefit or diverting to others a business opportunity in
          which MedSource might reasonably be expected to be interested, without
          first making the opportunity available to MedSource, is prohibited.

     B.     BRIBES, KICKBACKS, CORRUPT PRACTICES, ETC

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Employees must adhere and comply with moral and ethical standards in the conduct
of business and they must avoid both improper acts and the violation of any
governmental law or regulation in the course of performing their work. Certain
specific areas are discussed below, many of which are mandated by specific
federal, state or local laws. You should remember, however, that this Policy
Statement is not limited to compliance with these specifically enumerated laws
and standards.

1. Misuse of Corporate Funds or Assets - MedSource's corporate funds, assets or
   -----------------------------------
   corporate facilities may not be used for any purpose which is improper or
   unlawful under the laws of any jurisdiction, domestic or foreign. For
   example, you and MedSource should:

       a) Not pay or offer to pay anything of value to any foreign political
          party or official thereof or any candidate for foreign political
          office or any officer or employee, or any person acting in an official
          capacity for or on behalf of a foreign government or any department,
          agency or instrumentality thereof, for the purpose of influencing an
          official act or decision of such person or inducing such person to
          exert their influence to affect the acts or decisions of a foreign
          government, in each case to obtain, retain or direct business of any
          person. In countries where local customs call for giving gifts on
          special occasions to customers and others, you may, with appropriate
          prior written approval, offer gifts which are lawful, appropriate in
          nature and nominal in value, provided this cannot be construed as
          seeking special favor. This prohibition, which is mandated by the
          Foreign Corrupt Practices Act of 1977, also includes payments to any
          person where the payor knows or has reason to know that all or a
          portion of the payment will be offered or given, directly or
          indirectly, to persons in the categories described above for the
          aforesaid purposes.

       b) Not pay or offer to pay anything of value in an attempt to influence
          the action of any U.S., state or local government official or
          employee. This prohibition also applies to payments to any person
          where the payor knows or has reason to know that some part of the
          payment will be used as a bribe or otherwise to influence government
          action.

       c) Not pay or offer to pay bribes, kickbacks or other similar payments
          and benefits, directly or indirectly, to any suppliers or customers of
          MedSource or their agents or employees. This includes unusually large
          gifts or entertainment, since such gifts or entertainment may be
          construed as constituting an improper inducement to such persons.

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                      Similarly, you should not accept or receive any payment or
                      other thing of value (except for the nominal gifts and
                      entertainment described in Paragraph 1(a) above) from
                      anyone having a business relation with MedSource (whether
                      intended by the payor to be for MedSource or for your
                      personal benefit), unless the payment is in the nature of
                      a refund to MedSource which is permitted under applicable
                      laws and regulations.

           2. Political Contributions - No corporate reimbursement of political
              -----------------------
              contributions will be, or lawfully can be, made by MedSource, in
              any form, directly or indirectly. MedSource's funds, facilities,
              properties or resources should not be used to support, directly or
              indirectly, any foreign, federal, state or local political party
              or candidate. All political activities must take place on your own
              time, not during working hours, and at your own expense.

 .         3. Integrity of Books, Records, Invoices and Payments and Submissions
              ------------------------------------------------------------------
              to Regulatory Authorities - MedSource's policy requires that all
              -------------------------
              transactions involving corporate funds, whether cash, stock,
              facilities, inventory, other assets, or otherwise, be properly
              recorded on MedSource's books and records in such a manner that
              the true nature of the transaction is evident.

                 a)   No false, artificial, incomplete or misleading entries
                      should be made in any books, accounts or records of
                      MedSource for any reason and no employee should
                      participate in any arrangement that results in the making
                      of such entries. For example, no invoice or purchase order
                      should be issued or approved that does not correctly
                      reflect the actual transaction. A false, artificial,
                      incomplete or misleading accounting entry is one that does
                      not, in reasonable detail, accurately and fairly reflect
                      or describe the underlying transaction or disposition of
                      assets, or is not posted to the proper account.

                 b)   No undisclosed or unrecorded funds or assets of MedSource
                      should be established or set aside for any purpose, nor
                      should any secret or special books and records be
                      maintained for any purpose. Accordingly, all MedSource's
                      bank accounts, funds, properties and assets must be
                      reflected in MedSource's regular books and records and be
                      subject to MedSource's established internal control and
                      audit procedures. All bank accounts and signatories
                      thereon must be authorized by appropriate corporate
                      action.

                 c)   No payment on behalf of MedSource should be approved or
                      made with the intention or understanding that a part or
                      all of such payment is to be used for any purpose other
                      than that described by the document supporting the
                      payment.

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                  d)  You should not enter into any transaction or arrangement,
                      which you know or reasonably should know, would violate
                      any foreign or domestic laws, nor should you assist any
                      third party in violating such laws.

                  e)  All submissions to regulatory authorities should be
                      accurate. You should never make any false, misleading or
                      incomplete statements, or omit to state any relevant facts
                      necessary to ensure that any statements made are not
                      misleading, to any accountant (including MedSource's
                      independent accountants or its internal auditors), in
                      connection with any audit or examination of the financial
                      statements of MedSource or in the preparation of or filing
                      of any document or report required to be filed with any
                      federal, state, local or foreign governmental agency.

           4. Government Reports and Claims - Many federal and state laws have
              -----------------------------
              detailed specification of records that must be maintained and the
              periods of time for which these records must be maintained. All
              such records must be accurate and properly maintained, both to
              satisfy the legal requirements and to enable MedSource to defend
              itself in the event a question is raised by government or private
              parties.

           C.     LAWSUITS AND GOVERNMENT INVESTIGATIONS

           All governmental (federal, state and local) inquiries,
           investigations, or notices and all civil or criminal summonses,
           complaints, subpoenas or other court papers should be forwarded
           immediately to a senior officer of the Company for appropriate
           handling. In no event should the recipient of any inquiry, notice or
           legal paper respond without first referring the matter to a senior
           officer of the Company.

           1. Government Inquiries and Investigations - A senior officer should
              ---------------------------------------
              be notified immediately by telephone and/or facsimile of any
              inquiry (oral or written, formal or informal), request for
              information, subpoena, notice, or complaint of a legal or
              investigatory nature from any agency of the federal government
              (e.g., EPA, SEC, OSHA, EEOC, OFCCP), state government (e.g.,
              Department of Environmental Affairs), or local government (e.g.,
              District Attorney). On-site visits by government officials to
              MedSource's facilities should be reviewed in advance with a senior
              officer, whenever possible, and always reported promptly.

              Government investigations are a fact of business life. The
              government has a wide array of laws to aid it in its activities,
              violations of which carry severe penalties to the individuals
              involved, including laws prohibiting you from aiding in or
              concealing the facts relating to an offense even if you were not
              involved in the original offense. All

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              employees are expected to deal honestly and straightforwardly with
              governmental representatives, but only in consultation with a
              senior officer.

       2.     Complaints, Subpoenas and Other Legal Papers - A senior officer
              --------------------------------------------
              should be notified immediately by telephone or facsimile whenever
              a MedSource facility receives a complaint from an outside lawyer
              or is served with any form of legal process, including civil or
              criminal citations, summonses, complaints, subpoenas, notices of
              deposition, levies and the like.

       3.     Service of Legal Papers - In consultation with a senior officer,
              -----------------------
              each facility should designate one or two suitable individuals
              upon whom all legal papers addressed to the corporation (but not
              legal papers directed to individual employees in their personal
              affairs) should be served. The designated employees should receive
              and acknowledge service of subpoenas and other legal process upon
              the corporation without attempting to avoid the process server.
              The employee receiving service should make a notation on the legal
              papers of the time, date and manner of service and then alert a
              senior officer by telephone and forward the papers to a senior
              officer by facsimile or overnight courier.

              MedSource Technologies, Inc. does not facilitate or become
              involved in its employees' personal legal disputes. Therefore,
              employees should not accept service of any personal legal papers
              directed to individual employees.

       4.     Media Inquiries about Litigation, Investigations or Accidents -
              -------------------------------------------------------------
              When MedSource is involved in a newsworthy litigation or
              investigation, or an accident or environmental incident,
              MedSource's employees may receive inquiries from the media. To
              ensure that accurate factual information is reported, one
              management person shall be selected by the CEO of MedSource as the
              designated spokesperson for MedSource accidents or environmental
              incidents.

              Unauthorized employees should not discuss MedSource with the
              media. All inquiries from the media should be immediately referred
              to the designated spokesperson for handling. In the absence of
              such designation, inquiries should be directed to a member of the
              Executive Operating Board.

       5.     Disclosing Information About Co-Workers - All information about
              ---------------------------------------
              MedSource and its employees is absolutely confidential. If you
              receive any requests for information about current or former
              employees, please refer the inquirer to Human Resources personnel.
              Employees should never disclose any information about MedSource
              personnel, including former employees and applicants, to any third
              party.

                                                                              10

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         D. MISUSE OF INSIDE INFORMATION AND TRADING IN SECURITIES

         MedSource's employees may have access to "inside information"-that is,
         non-public information about MedSource or another company. The use of
         any "inside information" for your own financial benefit, or the
         financial benefit of your relatives, friends, brokers, or others is not
         only an ethical concern. It also may be a violation of law and could
         result in criminal sanctions, such as fines and imprisonment and
         substantial civil liability, including treble damages.

         If you have information about MedSource and its affairs which has not
         been released by MedSource to the public, and which a reasonable
         investor might consider important in deciding whether to buy, sell or
         hold securities, then such information is considered "inside
         information" and you are considered an "insider". Insiders are
         prohibited from trading in or recommending MedSource's securities, or
         any other securities the price of which may be affected by the inside
         information. Even after the inside information has been publicly
         disclosed, the insider is prohibited from trading until two full
         business days have elapsed for the information to be absorbed by the
         general public.

         The following are some examples of situations in which you would be
         prohibited from trading in securities under the securities laws and
         this Policy Statement:

         1.   If you know that MedSource is about to make an announcement or has
              reached a not yet announced business decision which could affect
              the price of MedSource's securities, then you should not buy or
              sell MedSource's securities until MedSource makes public
              disclosure and the public has had time to absorb the information.

         2.   If you know that MedSource is about to make an announcement or has
              reached a not yet announced business decision which could affect
              the price of the securities of a supplier or competitor or
              acquirer or target company of MedSource, then you should not buy
              or sell those securities until public disclosure is made and
              sufficient time has passed for the public to absorb the
              information. Examples of this type of information are the placing
              of a major purchase order by MedSource, or the marketing of a new
              product line, or an acquisition.

              In order to prevent others from profiting from inside information,
              which you may have, it is important that you not disclose inside
              information to anyone, except persons within MedSource whose
              positions require them to have that information. You must take
              care not to disclose such information inadvertently; either to
              third parties or to others within MedSource who have no business
              need to know.

                                                                              11

<PAGE>

              If you are uncertain as to whether any information, which you
              have, should prevent you from trading in MedSource's stock or any
              other securities, you should consult the CFO or MedSource Legal
              Counsel.

         E. ANTITRUST LAWS

         Antitrust laws are designed to ensure fair competition in the free
         market system, free of unreasonable restraints. Antitrust statutes,
         which exist at federal, state and some international levels, prohibit
         unfair trade practices, monopolization or attempts to monopolize, and
         joint activity in restraint of trade. Compliance with all applicable
         antitrust laws is the policy of MedSource and the responsibility of
         each employee.

         These laws, while explainable in general terms, can become complex when
         applied to specific situations. Whenever contact with competitors is
         involved, or special treatment of particular customers is being
         considered, or if you have any doubt as to whether a certain discussion
         or activity might violate the antitrust laws, you should immediately
         stop and consult a senior officer of the company. Violation of the
         antitrust laws may result in serious consequences, both for MedSource
         and for you individually. Possible consequences include both criminal
         prosecution and substantial civil liability (including treble damages).

         To give you some guidance, the following are brief summaries of
         agreements, arrangements or dealings which are prohibited by the
         antitrust laws cited. The concept of an "agreement" or "understanding"
         under these laws is broadly defined to include oral and written
         agreements, and may even be inferred from a course of conduct or
         circumstantial evidence.

         1.   The Sherman Act - This principal antitrust statute prohibits
              ---------------
              common action by two or more competitors in restraint of trade.
              Prohibited conduct would involve agreements or understandings with
              competitors as to:

              a) pricing policies (including discounts, credit terms, etc.);

              b) production levels;

              c) division or allocation of markets, territories or customers; or

              d) boycotting of third parties - a company that does not have a
                 monopoly in a product has the right to select the customers
                 with whom it does business, but this right must be exercised by
                 the company alone, without consultation with any other party.

                                                                              12

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           2. Resale Price Restrictions - Also prohibited are agreements or
              -------------------------
              understandings with customers as to the prices which they will
              charge for their products or the prices which their customers will
              charge for resale.

           3. The Robinson - Patman Act - This prohibits reasonably
              -------------------------
              contemporaneous sales of products of like grade and quality to
              competing customers at different prices, the effect of which
              probably will be to injure competition. Prices set in good faith
              to meet (but not to beat) a bona fide price offered by a
              competitor, or price differences which may be justified in
              appropriate circumstances on the basis of cost savings, are
              permissible.

              The Robinson - Patman Act also prohibits promotional payments,
              services or facilities (such as advertising displays) extended to
              one customer but not made available on proportionally equal terms
              to all competing customers. It is lawful, however, to grant
              promotional assistance to a particular customer if done in good
              faith to meet (but not to beat) a bona fide offer of such
              assistance by a competitor of MedSource.

           4. Tying Arrangements - Any arrangement under which a seller forces
              ------------------
              or induces a customer to take a product it might not otherwise
              wish to buy from the seller as a condition of a license, loan or
              sale of a different product which the buyer does wish to obtain is
              unlawful, if the seller is dominant or has economic leverage with
              respect to the tying license, loan or product, or if a substantial
              amount of sales of the tied product are made.

           5. Trade Relations - Reciprocity - The antitrust laws also prohibit
              -----------------------------
              the use of "trade relations" and reciprocity where it is shown
              that a buyer with substantial purchasing power has purchased
              products from a seller on condition that the seller make purchases
              from the buyer in substantial amounts. This does not mean that
              MedSource cannot purchase products from companies who purchase
              from it. It does prohibit any understanding or agreement to the
              effect that purchases by each party are conditioned upon purchases
              by the other where the above described conditions are present.
              MedSource does not engage in such trade relations or reciprocity
              and it is against MedSource's policy for any employee to engage in
              such practice. Officers and employees with purchasing
              responsibilities should disregard MedSource's sales to any
              supplier as a factor in purchasing decisions.

           6. Barter Sales Arrangements - Barter sales arrangements, that is a
              -------------------------
              sale of product by MedSource in exchange, not for money, but for
              the sale of different products to MedSource may present antitrust
              problems and should not be made without prior legal review and
              guidance from a senior officer.

                                                                              13

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         7.   Trade Associations - Trade Associations provide valuable services,
              ------------------
              but employees must be very careful when participating in Trade
              Association activities, meetings or programs because they can
              provide opportunities for prohibited communications among
              customers, competitors and suppliers. You should seek guidance
              from a senior officer if you have any questions about Trade
              Association activities.

         F.       INTERNATIONAL TRANSACTIONS - FOREIGN LAWS

         It is important to note that the U.S. antitrust laws may also apply to
         international transactions, if the transaction will have a substantial
         effect on U.S. imports and/or exports. In addition, several other
         countries, including those in the European Economic Community, impose
         their own antitrust restrictions. MedSource's employees should be
         careful to consider the applicable laws of all relevant jurisdictions.

         Other U.S. statutes may apply to transactions of MedSource's non-U.S.
         companies and to the personnel involved in those transactions. For
         example, the Export Administration Act prohibits complying with foreign
         boycotts or related requests for information from foreign countries in
         some situations.

         Because the Act also requires that boycott-related requests for
         information or action be promptly reported to the proper authorities,
         you should immediately inform a senior officer of any such requests. As
         discussed in Section B.1 above, the Foreign Corrupt Practices Act of
         1977 prohibits the making of certain payments to foreign officials.

                                                                              14

<PAGE>

II.      EMPLOYEE PRACTICES

         A.       EQUAL EMPLOYMENT OPPORTUNITY

         1.   Equal Employment Opportunity Policy - It is MedSource's policy to
              -----------------------------------
              provide equal employment opportunity in all areas of employment
              practices and to ensure that there shall be no discrimination
              against any qualified employee or applicant on the grounds of
              race, sex, gender, religion, national origin, age, marital status,
              sexual orientation, physical or mental disability, pregnancy, or
              any other protected class. This policy of equal employment
              opportunity relates to all phases of employment, including, but
              not limited to, recruitment, hiring, compensation, benefits,
              promotion, assignment, transfer, layoffs, training, tuition
              assistance, and social and recreational programs. Managers must
              assure that discriminatory motives are not present in job-related
              decisions.

         2.   Disabled Accommodation - Reasonable accommodation will be made
              ----------------------
              with respect to the special needs of any employees who are
              disabled.

3.            Religion - Reasonable accommodation will be made with respect to
              --------
              any request by an employee not to work at a time prohibited by the
              employee's religious beliefs.

         B.       FREEDOM FROM HARRASSMENT

         It is MedSource's policy that our workplace is for work. It is our goal
         to create a working atmosphere free from conduct which has the purpose
         or effect of unreasonably interfering with an individual employee's
         work performance or creating an intimidating, hostile or offensive
         working environment. In particular, an atmosphere of tension created by
         ethnic or religious remarks or animosity, sexually oriented comments,
         sexual advances, requests for sexual favors or other discriminatory
         conduct is prohibited in our workplace.

         Where any such verbal, non-verbal or physical conduct unreasonably
         interferes with an employee's right to work free of harassment, we urge
         that employee to notify his or her supervisor. If the supervisor is
         involved, then the employee should report the situation to a member of
         the Executive Operating Board, so that MedSource is provided the
         opportunity to investigate and take corrective action. To the extent
         possible, all inquiries will be held in strict confidence but will be
         investigated and dealt with expeditiously. Where investigations confirm
         the allegations, appropriate corrective actions, which may include
         dismissal, will be taken.

                                                                              15

<PAGE>

     Discriminatory motives must not be present in job-related decisions and
     ethnic, religious or sexual considerations must not be used as the basis
     for employment decisions affecting applicants or employees.

     MedSource's managers and supervisors are expected to discharge their
     responsibilities in conformity with the laws governing this subject and in
     a manner fully consistent with the objectives and intent of MedSource's
     policy.

     C.      INTERNET CODE OF CONDUCT

     Access to the Internet has been provided to employees for the benefit of
     the organization and its customers. It allows employees to connect to
     information resources around the world. Every staff member has a
     responsibility to maintain and enhance the company's public image, and to
     use the Internet in a productive manner. To ensure that all employees are
     responsible, productive Internet users and are protecting the company's
     public image, and customer confidentiality, the following guidelines have
     been established for using the Internet.

     1.   Acceptable Uses of the Internet - Employees accessing the Internet are
          -------------------------------
          representing the company while using the company's hardware and
          software on company time. Therefore, all communications should be for
          professional reasons. Employees are responsible for seeing that the
          Internet is used in an effective, ethical and lawful manner at all
          times. Internet Relay Chat channels may be used to conduct official
          company business, or to gain technical or analytical advice. Databases
          may be accessed for information as needed. Electronic mail (e-mail)
          may be used for business contacts.

     2.   Unacceptable Use of the Internet - The Internet should not be used for
          --------------------------------
          any personal purposes, including, but not limited to advancement of
          individual views. Solicitation of non-company business, or any use of
          the Internet for personal gain is strictly prohibited. Use of the
          Internet must not disrupt the operation of the company networks of
          other users. It must not interfere with your productivity, or the
          productivity of co-employees.

     3.   Communications - Each employee is solely responsible for the content
          --------------
          of all text, audio or images that they place or send over the
          Internet. Certain types of communications, for example, fraudulent,
          harassing or obscene messages are prohibited. All messages
          communicated on the Internet must have your name attached. No messages
          will be transmitted under an assumed name. Users may not attempt to
          obscure the origin of any message. Information published on the
          Internet should not violate or infringe upon the rights of others. No
          abusive, profane or offensive language may be transmitted through the
          system. Not only will these, or

<PAGE>

         3.   similar actions, result in discipline, they may be violations of
              criminal law.  Employees who wish to express personal opinions on
              the Internet must not do so using the company's equipment at any
              time.

         4.   Software - To prevent computer viruses from being transmitted
              --------
              through the system there will be no unauthorized downloading of
              any software. All software downloads will be done by authorized
              MIS personnel.

         5.   Copyright Issues - Copyrighted materials belonging to entities
              ----------------
              other than this company may not be transmitted by staff members on
              the Internet. Users are not permitted to copy, transfer, rename,
              add or delete information or programs belonging to other users
              unless given express permission to do so by the owner. Failure to
              observe copyright or license agreements may result in disciplinary
              action from the company and/or legal action by the copyright
              owner.

         6.   Monitoring - The company intends to monitor the use of the system
              ----------
              to ensure that only appropriate, business related work and
              messages are being performed and transmitted. The company intends
              to monitor the use of the systems in a limited fashion, but will
              do so as needed to maximize utilization of the systems for
              business purposes and according to appropriate protocols that may
              apply in different business units.

         7.   Harassment - Harassment of any kind is prohibited. No messages
              ----------
              with derogatory or inflammatory remarks about an individual or
              group's race, gender, sex, religion, national origin, age, marital
              status, sexual orientation, physical or mental disability,
              pregnancy, or any other protected class will be transmitted.

         8.   Violations - Violations of any guidelines listed above may result
              ----------
              in disciplinary action up to and including termination. If
              necessary, the company will advise appropriate legal officials of
              any illegal violations.

         D.       ELECTRONIC MAIL POLICY

              Electronic Mail Policy - The Company has established a policy with
              ----------------------
              regard to access and disclosure of electronic mail (e-mail)
              messages created, sent or received by company employees using the
              company's electronic mail system.

              The company intends to enforce the policies set forth below, and
              reserves the right to change them at any time as may be required
              under the circumstances.

                                                                              17

<PAGE>

              The company maintains an electronic mail system. This system is
              provided by the company to assist in the conduct of business
              within the company.

              The electronic mail system hardware and software are company
              property. Additionally, all messages composed, sent, or received
              on the electronic mail system are and remain the property of the
              company. They are not the private property of any employee.

              Our electronic mail system is intended to be used for the conduct
              of business at the Company. Any personal use of this system must
              be kept to a minimum.

              The electronic mail system may not be used to solicit or
              proselytize for commercial ventures, religious or political
              causes, outside organizations, or other non-job-related
              solicitations.

              The electronic mail system is not to be used to create any
              offensive or disruptive messages. No messages with derogatory or
              inflammatory remarks about an individual or group's race, gender,
              sex, religion, national origin, age, marital status, sexual
              orientation, physical or mental disability, pregnancy, or any
              other protected class may be transmitted.

              The electronic mail system shall not be used to send (upload) or
              receive (download) copyright materials, trade secrets, proprietary
              financial information, or similar materials without prior
              authorization from the Chief Financial Officer, or a designee.

              The company reserves the right to review, audit, intercept, access
              and disclose all messages created, received or sent over the
              electronic mail system for any purpose. The contents of electronic
              mail properly obtained for legitimate business purposes may be
              disclosed within the company without the permission of the
              employee.

              The company reserves the right to conduct monitoring of the
              systems' uses and of e-mail messages and can do so despite the
              assignment to individual employees of passwords for systems
              security. The passwords are designed to provide systems security
              from unauthorized users, not to provide privacy to the individual
              systems user. The confidentiality of any message should not be
              assumed. Even when a message is erased, it is still possible to
              retrieve and read that message.

              The systems' security aspects, such as the message delete function
              for e-mail and your personal password, can be bypassed for
              monitoring purposes. The company's ability to monitor system use
              and any messages at any time is not restricted or neutralized by
              these mechanisms.

                                                                              18

<PAGE>

          Misuse of the systems will result in discipline, up to and including
          possible termination of employment in appropriate cases. If necessary
          to support appropriate disciplinary measures, additional information
          about personal uses or monitored personal messages will be recorded
          and provided in confidence to the appropriate Supervisor, Manager, or
          Human Resources personnel.

          Notwithstanding the company's right to retrieve and read any
          electronic mail messages, such messages should be treated as
          confidential by other employees and accessed only by the intended
          recipient. Employees are not authorized to retrieve or read any e-mail
          messages that are not sent to them. Any exception to this policy must
          receive prior approval by the employer.

          Employees shall not use a password, access a file, or retrieve any
          stored information, unless authorized to do so. Employees should not
          attempt to gain access to another employee's messages or files without
          the latter's permission. All computer passwords must be provided to
          Supervisors and the MIS personnel. No password may be used that is
          unknown to the company.

          Any employee who discovers a violation of this policy shall
          immediately notify MIS or Human Resources personnel.

          Any employee who violates this policy or uses the electronic mail
          system for improper purposes shall be subject to discipline, up to and
          including discharge.

                                                                              19

<PAGE>

III. COMMUNITY OBLIGATIONS

     A.   ENVIRONMENT, SAFETY, AND HEALTH

     1.   Applicable Laws and Regulations - Federal, state and local
          -------------------------------
          environmental laws regulate the emission into the atmosphere and the
          discharge onto or into the ground or into surface and underground
          waters of a wide variety of substances. The Occupational Safety and
          Health Act (OSHA) regulates the physical safety of employees and
          exposure to conditions in the workplace which could harm employees.
          Other federal and state laws regulate all chemical substances or
          mixtures which may present a risk of injury to health or the
          environment. These laws, and applicable regulations, are complex and
          violation thereof can result in severe penalties. Should you be faced
          with an environmental or health issue, you should contact your
          superior immediately.

          If you learn from any source that material manufactured, processed or
          distributed by MedSource may present a substantial risk of injury to
          health or the environment, you should report this to your superior
          immediately.

     2.   Permits - The Clean Water Act and other federal, state and local laws
          -------
          require that a permit or permits be obtained for certain discharges of
          pollutants into water courses. Similarly, the Solid Waste Law and
          other federal, state and local laws require that a permit or permits
          be obtained for the disposal of "hazardous" substances. The definition
          of "hazardous" is broad and may include substances not generally
          considered to be dangerous. Accordingly, all process ingredients
          should be checked for proper classification and handling. Questions in
          this area should be referred to a senior officer.

     3.   Accident, Fire or Environmental Incident - Media Contacts - Any
          ---------------------------------------------------------
          significant fire, accident or environmental incident should be
          reported immediately to a senior officer of the Company. If the
          incident attracts media attention, one management person shall be
          selected by the CEO of MedSource as spokesperson to communicate with
          the media. In the absence of such designation, a senior officer should
          be contacted. The designated spokesperson should be knowledgeable
          about employee safety, fire protection and waste disposal procedures
          followed at the facility, and should be able to quickly make
          decisions, or get instructions from senior management on how much
          information to provide. All requests from the media for information
          should be referred to this spokesperson.

          Communication with the media should be accurate, factual and sincere.
          Keep all explanations as simple as possible, providing information on
          what the problem is, what caused it and what is being done to correct
          it. Offer only as much information

                                                                              20

<PAGE>

          as the media needs to report the story. Confidential information
          should not be revealed.

                                                                              21

<PAGE>

IV.  CUSTOMER CONFIDENTIALITY

We treat all aspects of each customer relationship in the strictest of
confidence. MedSource employees will not discuss any aspect of our customer
relationships with outside parties, or even acknowledge that any relationship
exists. MedSource maintains standard confidentiality agreements with customers
and suppliers that are signed by the CEO or CFO.

Internal protocols are established to maintain confidentiality within dedicated
MedSource project teams when appropriate. For example, customer drawings,
proprietary manufacturing processes and MedSource personnel are segregated from
other customer projects as required.

A critical goal for MedSource is to build and maintain credibility with existing
and potential customers regarding their ability to share new product development
plans and existing projects with us. Nothing is more fundamental to our business
than building trust with our customers -- a critical step in this process is
establishing and abiding by our confidentiality policy.

     Confidentiality Protocols For Customer Facility Audits
     ------------------------------------------------------

     Preparation for a site inspection by a customer should include the
following:

     .    All personnel on-site should be notified of the customer visit. They
          should also be briefed on who the customer is, what they do, why they
          are visiting and what it means to MedSource.

     .    All personnel should be reminded that we do NOT under ANY circumstance
          mention customers with whom we do business in the presence of another
          customer.

     .    Any and all documentation including prints, drawings, and customer
          information should be kept in an inconspicuous place during the visit.
          This includes products with customer brand names or product line names
          on the item.

     .    If product being manufactured or a production process is deemed to be
          sensitive in nature, the customer should be kept out of that section
          of the building.

                                                                              22

<PAGE>

MedSource
   Technologies

                    ACKNOWLEGEMENT OF BUSINESS CONDUCT POLICY

     I have read and understand MedSource's Statement of Business Conduct
Policy, dated February 15, 2000. I understand that it is only a guide to
possible conflicts of interest and problems of compliance with law and business
ethics, and that I must report all conflicts, violations of law or failures to
adhere to business ethics to MedSource whether or not they are of the type
discussed in this Policy Statement.

     I recognize and understand that the company's Internet access and
electronic mail systems are to be used for conducting the company's business
only. I understand that use of this equipment for private purposes is strictly
prohibited. Further, I agree not to use a password that has not been disclosed
to the company. I agree not to access a file or retrieve any stored
communication other than where authorized unless there has been prior clearance
by an authorized company representative.

     I understand that I am to give immediate notice to MedSource if any
situation should arise involving a possible direct or indirect conflict of
interest, violation of law or unethical action.

     At this time I have no personal interests and, to the best of my knowledge
and belief, no member of my family has any personal interests, which conflict
with the aforesaid Policy Statement and I have not engaged in any activity
prohibited by the Policy Statement, except as set forth in the following page.

Disclosures required under MedSource's policy described above:

________________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Signature: ______________________________________         Date:_________________

                                                                              23<PAGE>

MedSource
   Technologies

                                                                   Exhibit 10.32
                                                                   -------------
                            CONFIDENTIALITY AGREEMENT

I _________________________________ ("EMPLOYEE") accept employment with
MedSource Technologies, Inc. herein collectively referred to as the
("EMPLOYER").

During my employment I may be entrusted with, have access to and become familiar
with the trade secrets and other confidential and/or proprietary information
(hereinafter "confidential information") of the EMPLOYER. I acknowledge that the
EMPLOYER's confidential information has been developed and maintained at great
effort and expense, has been kept and protected as confidential, is of
substantial value to the EMPLOYER, and provides the EMPLOYER with a significant
competitive advantage. In addition, the EMPLOYER's relationships with customers
is predicated on an understanding of total confidentiality, with no tolerance
for disclosure to other than strictly intended parties, and for the sole purpose
of performing duties for the EMPLOYER and on behalf of EMPLOYER's customers.

I understand that the EMPLOYER would not offer me employment, provide me with
specialized training, or entrust me with the EMPLOYER's confidential information
in the absence of this Confidentiality Agreement ("Agreement"). Therefore, in
consideration of my employment, I agree as follows:

     1.   Non-Disclosure: I will hold all of the EMPLOYER's confidential
          --------------
          information in strictest secrecy and confidence, and use it solely for
          the purpose of performing my duties for the EMPLOYER. I will not
          directly or indirectly, take, use or disclose (or enable anyone else
          to take, use or disclose) any of the EMPLOYER's confidential
          information during my employment, or any time thereafter, without the
          EMPLOYER'S prior written permission.

     2.   Employer Property: All files, records, customer lists, customer
          -----------------
          information, supplier information, proposals, specifications,
          manufacturing processes, procedures, know how, mailing lists, pricing
          lists, or other information and documents, and all computer software,
          software applications, files, data bases, and the like relating to the
          business of the EMPLOYER or which contain confidential information,
          whether prepared by me or otherwise coming into my possession, shall
          remain the exclusive property of the EMPLOYER and shall not be removed
          from its premises except as necessary for my job responsibilities and
          in furtherance of the interests of the EMPLOYER. I will promptly
          deliver to the EMPLOYER any such material (including any photocopies,
          extracts or summaries of it) that is in my possession, custody or
          control, upon the termination of my employment for any reason, or upon
          the EMPLOYER's request.

     3.   Non-Solicitation: During my employment and for one year after the
          ----------------
          termination of my employment for any reason, I will not, directly or
          indirectly, either personally or on behalf of any other entity
          (whether as a director, officer, stockholder, owner, partner,
          consultant,

<PAGE>

          principal, employee, agent or otherwise), (a) solicit, induce, entice,
          hire, employ or attempt to employ any individual employed by the
          EMPLOYER as of the termination of my employment or during the prior
          year; or (b) take any action which is intended, or would reasonably be
          expected, to adversely affect the EMPLOYER, its business, reputation,
          or its relationship with its customers, prospective customers, or
          suppliers.

     4.   Definitions: For the purposes of this Agreement, the term (a)
          -----------
          "confidential information" shall include all trade secrets,
          proprietary and other information that is disclosed to or acquired by
          me during or in the course of my employment that relates to the
          business of the EMPLOYER and is not generally available to the public,
          or generally known in the medical device industry. Confidential
          information includes, without limitation, customers' identities and
          requirements, customer lists, suppliers' identities and products,
          pricing information, product price discount information, manufacturing
          processes and procedures, new product research, financial information
          not generally available to the public, and other non public
          information. The term also includes any techniques, know how,
          processes or combinations thereof, or compilations of information,
          records and specifications, utilized or owned by the EMPLOYER,
          development, marketing, pricing, business methods, strategies,
          financial or other analyses, policies or business opportunities; and
          (b) "document" shall include files, records, correspondence, memoranda
          whether in written form or on computer, video and audio discs and
          tapes and all other recorded, taped, filmed or graphic material
          however produced or reproduced, and any tangible thing that, in whole
          or part, contains, records, illustrates or conveys information.

     5.   Enforcement: I acknowledge that if I violate this Agreement, the
          -----------
          EMPLOYER could suffer irreparable harm and have no adequate remedy at
          law. I therefore consent to enforcement of this Agreement by means of
          a temporary injunction or other appropriate equitable relief in any
          competent court, which shall be in addition to any other remedies the
          EMPLOYER may have under this Agreement or otherwise. I further agree
          that, in the event the court grants injunctive or other equitable
          relief in favor of the EMPLOYER, I will also be liable for all costs
          incurred in connection therewith, including the EMPLOYER's reasonable
          attorneys' fees.

     6.   Consideration: This Agreement is entered into between EMPLOYER and
          -------------
          EMPLOYEE in connection with the EMPLOYEE's initial and continued
          employment in any capacity by the EMPLOYER.

     7.   Successors and Assigns: This Agreement shall be binding upon and inure
          ----------------------
          to the benefit of the EMPLOYEE and the EMPLOYER and their respective
          successors, assigns, heirs or legal representatives.

     8.   Applicable Law: This Agreement and its enforcement will be governed by
          --------------
          the laws of the state of Minnesota, without regard to its conflicts of
          law principles.

<PAGE>

     By my signature below, I acknowledge that I have read and understand this
Agreement and had an opportunity to ask the EMPLOYER any questions about it
prior to signing. I understand, that my signing of this Agreement is a condition
of my employment. I am voluntarily entering this Agreement and I certify that
neither the EMPLOYER, nor its agents, has made any representations concerning
the terms or effects of this Agreement other that those contained herein.

Signature: _____________________________________________________

Date:      _________________________________________________        ____________

__________________

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