Conflict of interest

Conflict of interest,

Definition of Conflict of interest:

  1. A situation in which a partys responsibility to a second-party limits its ability to discharge its responsibility to a third-party.

  2. 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.

  3. 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.

  4. 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?

  1. 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 .
  2. 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.
  3. Conflicts of interest often have legal ramifications.
  4. Alice was found to have a conflict of interest and forbidden to act as judge in her favorite uncles trial.
  5. 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.
  6. 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