Common use of Definition of Conflict of Interest Clause in Contracts

Definition of Conflict of Interest. 3.1.1 Board members are considered to be in “conflict of interest” whenever they themselves, or member of their family, business partners or close personal associates, may personally benefit either directly or indirectly, financially or otherwise, from their position on the Board. 3.1.2 Whether a conflict of interest may be “real”, “potential”, or “perceived,” the same duty to disclose applies. 3.1.3 Full disclosure in itself does not remove a conflict of interest. On disclosure of a conflict, the presiding officer has the right to ask a member to recuse him/herself from voting, from participating in discussion, or from being present in the meeting. This right extends up to and including asking for the member’s resignation from the Board, committee(s) or task force(s).