Disclosure of Conflict of Interest or Property Clause Samples
The Disclosure of Conflict of Interest or Property clause requires parties to formally reveal any personal interests or property holdings that could influence their decisions or actions under the agreement. In practice, this means that if an individual or entity involved in the contract stands to benefit personally—such as owning shares in a supplier company or having a family member employed by a contractor—they must inform the other parties in writing. This clause serves to promote transparency and prevent undisclosed biases or self-dealing, thereby protecting the integrity of the contractual relationship and reducing the risk of disputes arising from hidden conflicts.
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Disclosure of Conflict of Interest or Property. A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.