Conflict of interest,
Definition of Conflict of interest:
A situation in which a partys responsibility to a second-party limits its ability to discharge its responsibility to a third-party.
A situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between the persons self-interest and professional interest or public 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. Such a conflict occurs when a company or person has a vested interest—such as money, status, knowledge, relationships, or reputation—which puts into question whether their actions, judgment, and/or decision-making can be unbiased. When such a situation arises, the party is usually asked to remove themselves, and it is often legally required of them.
A conflict of interest in business normally refers to a situation in which an individual's personal interests conflict with the professional interests owed to their employer or the company in which they are invested. A conflict of interest arises when a person chooses personal gain over the duties to an organization in which they are a stakeholder or exploits their position for personal gain in some way.
How to use Conflict of interest in a sentence?
- When a government official has a personal monetary interest in a matter up for vote, it is best for the official to abstain from voting to avoid the appearance of a conflict of interest .
- A conflict of interest occurs when a person's or entity's vested interests raise a question of whether their actions, judgment, and/or decision-making can be unbiased.
- Conflicts of interest often have legal ramifications.
- Alice was found to have a conflict of interest and forbidden to act as judge in her favorite uncles trial.
- I witnessed nepotism at its finest at the last company I worked for. When it was time for a raise there was a conflict of interest between me and the company family.
- In business, a conflict of interest arises when a person chooses personal gain over duties to their employer, or to an organization in which they are a stakeholder, or exploits their position for personal gain in some way.
Meaning of Conflict of interest & Conflict of interest Definition