A conflict of interest waiver template is a legal document that allows parties with a potential conflict of interest to acknowledge and waive their conflict in order to proceed with a transaction or relationship. It is typically used when one party has a financial or personal interest that could influence their decision-making in a way that benefits themselves or a third party at the expense of the other party.
Conflict of interest waiver templates are commonly used in business transactions, such as when a company hires a consultant who has a financial stake in the company’s competitor. They can also be used in personal relationships, such as when a family member or friend provides financial assistance to another family member or friend.
What to Include in a Conflict of Interest Waiver Template
A conflict of interest waiver template should include the following information:
- The names of the parties involved
- A description of the potential conflict of interest
- An acknowledgment by the parties that they are aware of the potential conflict of interest
- A waiver by the parties of their right to challenge the transaction or relationship based on the conflict of interest
- The signatures of the parties
In addition to the above, a conflict of interest waiver template may also include other provisions, such as:
- A statement that the parties have sought independent legal advice
- A provision that the waiver is binding on the parties and their successors
- A provision that the waiver may be revoked by either party
When to Use a Conflict of Interest Waiver Template
A conflict of interest waiver template should be used whenever there is a potential conflict of interest that could affect the decision-making of one of the parties. Some common situations where a conflict of interest waiver template may be used include:
- When a company hires a consultant who has a financial stake in the company’s competitor
- When a family member or friend provides financial assistance to another family member or friend
- When a government official makes a decision that could benefit a family member or friend
- When a lawyer represents a client who has a conflict of interest
- When a doctor treats a patient who has a conflict of interest
Using a conflict of interest waiver template can help to protect the parties involved from potential legal challenges and can help to ensure that the transaction or relationship is fair and equitable.
It is important to note that a conflict of interest waiver template is not a substitute for independent legal advice. If you are involved in a situation where there is a potential conflict of interest, you should seek legal advice to ensure that your rights are protected.
