What is the meaning for conflict of interest?

A conflict of interest occurs when an entity or individual becomes unreliable because of a clash between personal (or self-serving) interests and professional duties or responsibilities.

What’s another term for conflict of interest?

What is another word for conflict of interest?

How do you identify conflict of interest?

If you and a relative are both lawyers, it is generally considered a conflict of interest for you to represent opposing parties. A lawyer may represent his or her own relatives, but it is a conflict of interest when the lawyer is representing a party opposing their relatives.

What is the purpose of the conflict of interest?

The purpose of the conflict of interest policy is to protect this tax-exempt organization’s (Organization) interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Organization or might result in a possible excess benefit transaction….

What does a conflict of interest mean?

conflict of interest. noun. the circumstance of a public officeholder, business executive, or the like, whose personal interests might benefit from his or her official actions or influence: The senator placed his stocks in trust to avoid possible conflict of interest.

What’s the concept of conflict of interest?

A conflict of interest is a situation in which an individual has competing interests or loyalties . Conflicts of interest involve a person who has two relationships that might compete with each other for the person’s loyalties. For example, the person might have a loyalty to an employer and also loyalty to a family business.

What is the legal definition of a conflict of interest?

Conflict of Interest. The term “conflict of interest” in the legal world refers to a situation wherein an individual is in a position to exploit his professional capacity for his own benefit.