Definition Of Conflict Of Interest In Legal Terms

Conflict of interest is a situation in which an internal auditor who is in a position of trust has a competing professional or personal interest.

Definition of conflict of interest in legal terms. A situation in which a person has a duty to more than one person or organization but cannot do justice to the actual or potentially adverse interests of both parties. Such competing interests can make it difficult to fulfill his or her duties impartially. 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. For example a lawyer who represents both parties in a divorce may be required to find fault in one party in order to advance the interests of the other in property division or support matters.

A conflict of interest exists even if no unethical or improper act results. A conflict of interest occurs when a party has competing interests or loyalties because of their duties to more than one person or organization. This includes when an individual s personal interests or concerns are inconsistent with the best for a customer or when a public official s personal. Conflict of interests law and legal definition a conflict of interest arises when the considerations of one party is to the detriment of another.

Personal conflict of interest means a situation in which a covered employee has a financial interest personal activity or relationship that could impair the employee s ability to act impartially and in the best interest of the government when performing under the contract. Legal definition of conflict of interest. Conflict of interest n. A person with a conflict of interest can t do justice to the actual or potentially conflicting interests of both parties.

A conflict between the private interests and the official or professional responsibilities of a person in a position of trust. A conflict between competing duties as in an attorney s representation of clients with adverse interests see also aba model rules of professional conduct.