conflict of interest

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conflict of interest

A situation that presents the possibility of having to choose which side in a transaction will receive the better service, deal, terms, or representation.The conflict may be choosing between two other parties,such as an agent attempting to represent both buyer and seller in a particular transaction,or it may be between the party and another,such as a real estate broker wishing to purchase property listed with that same broker.Rules regarding handling conflicts of interest generally provide a solution through full disclosure to all parties involved or withdrawal from the situation entirely.

References in periodicals archive ?
The fundamental feature of contemporary municipal conflict of interest rules everywhere including Atlantic Canada is that they are the result of legislation rather than the end product of judge-made law.
The Atlantic provinces' responses to conflict of interest issues and their enforcement mechanisms are a case in point.
CURRENT MECHANISMS OF CONFLICT OF INTEREST PREVENTION
Moreover, conflict of interest statutes are in effect from province to province.
While some provinces have enacted specific conflict of interest legislations, others have added in the general municipal statutes provisions dealing with conflict of interest.
There are basically two ways conflict of interest statutes may deal with the problem.
Although the institution did have an individual designated to review financial disclosures and evaluate conflict of interest issues, no one submitted disclosures, thus violating the requirement that "the Institutional policy must include adequate enforcement mechanisms, and provide for sanctions where appropriate.
An institution should have a definition of conflict of interest that reflects the goals it wants to achieve, so long as it is at least as inclusive as the definition in NSF's policy.
We investigated an allegation on conflict of interest in which a P1 was alleged to have hired her spouse to work on her NSF grant.
In practice, institutions vary as to how conflict of interest disclosures are made.
If the conflict of interest cannot be adequately managed, the institution may decide to decline the grant, withdraw the proposal, or require that the conflicted investigator be disqualified from participating in some decisions surrounding the grant, or even be completely recused from participating in the grant.
Since institutions review more than conflict of interest in the course of processing a grant proposal, more than one committee or individual may need to review the same materials.

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