FLC OF A GIV SUP HAS ALTDEV ON A SID WHEN THE FLT DIRECTOR MALFUNCTIONS OR WAS MISPROGRAMMED.

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WE DEPARTED RWY 24 TEB AND WERE ASSIGNED THE TEB 4 DEP. THE DEP CALLS FOR PLT TO MAINTAIN RWY HDG UNTIL REACHING 1500 FT MSL AND THEN TURN TO 280 DEGS WHILE MAINTAINING 1500 FT WHEN PASSING THE TEB 4.5 DME CLB TO 3000 FT. THE FO WAS FLYING THE AIRPLANE FROM THE L SEAT. HE INSTRUCTED ME TO SELECT VERTICAL SPD 2500 FT AFTER POSITIVE RATE; GEAR UP. WHEN VERT SPD 2500 FT WAS SELECTED; VERT GUIDANCE IN THE FORM OF FLT DIRECTOR CLB V BAR DISAPPEARED. I NOTICED THE ACFT RAPIDLY APCHING 1400 FT AND BY THE TIME I REACHED UP TO ASSIST THE FO IN PUSHING THE NOSE OVER; THE AIRPLANE HAD PASSED THROUGH 1500 FT. CLB WAS STOPPED AND ACFT WAS IMMEDIATELY RETURNED TO 1500 FT. AT NO TIME DID ALT EXCEED 1700 FT AND THE TIME PERIOD THAT THE ACFT WAS ABOVE 1500 FT DID NOT EXCEED 10 SECONDS. I THINK THAT WE DO NOT STRESS ENOUGH TO NEWCOMERS TO THE AUTOMATED COCKPITS THE NECESSITY TO TAKE OVER AND ASSERT BASIC AIRMANSHIP WHEN THE AUTOMATION IS NOT DOING WHAT IT NEEDS TO BE DOING. THERE IS A TENDENCY FOR TRAINEES TO WATCH THE AUTOMATED ACFT FAIL TO PERFORM WITHOUT ANY IMMEDIATE INTERVENTION ON THEIR PART.