How to Draft a Conflict of Interest Waiver

Note: Want to skip the guide and go straight to the free templates? No problem - scroll to the bottom.
Also note: This is not legal advice.

Introduction

Conflict of Interest Waivers are valuable documents to ensure businesses and organisations can protect their interests and guard against any ethical dilemmas. A Conflict of Interest Waiver is a legally binding document that declares one party has no financial, or other interest in a business transaction which may be seen as a potential conflict of interest. It’s so all parties involved will act in the best commercial interests for the company, without any activity that could benefit one and harm another.

At Genie AI, we strongly believe these waivers are essential to companies’ wellbeing and prosperity. Conflicts of interest can lead to serious legal and financial repercussions for those embroiled - which is why having an explicit document detailing your policy is paramount. This can help prevent any ethical quandaries before they arise by making it clear who has authority over decisions; for example if an employee holds managerial responsibility in an organisation, it ensures their decisions are made objectively with the company’s welfare foremost - not self – interests.

Moreover, such waivers safeguard companies’ assets, as well as their reputation should unethical behaviour occur with potentially damaging outcomes such as financial loss or damage to brand equity. Having this waiver also serves as protection from being taken to court over conflicts of interest should they arise due to lack of clarity surrounding procedures - providing evidence that your company was aware while taking steps to avoid them.

The Genie AI Team provides free online resources on how to draft Conflict of Interest Waivers – enabling everyone access regardless if they have an account with us or not; we just want you informed on the matter! Our step-by-step guidance will direct you through everything you need know about drafting this important document - including our vast library full of templates ready for customization – so you have control over protecting yourself from risk! Read on below for more information about accessing our template library today!

Definitions (feel free to skip)

Conflict of Interest: A situation in which a person or organization has competing interests or loyalties that could potentially influence their judgement and decision-making.
Legal Jurisdiction: The legal authority that governs a particular area or situation.
Legally Binding: A legally enforceable agreement or obligation that requires all parties involved to adhere to its terms and conditions.
Notary Public: A public official who is authorized to certify documents, administer oaths, and perform other legal functions.

Contents

• Understand what a conflict of interest waiver is and why it is needed
• Research what a conflict of interest waiver is and why it is commonly used
• Identify the types of situations that require a conflict of interest waiver
• Research the different types of situations that may require a conflict of interest waiver
• Research the legal implications of signing a conflict of interest waiver
• Understand the potential legal implications of signing a conflict of interest waiver
• Determine what should be included in a conflict of interest waiver
• Research what should be included in a conflict of interest waiver
• Create the conflict of interest waiver
• Draft the conflict of interest waiver
• Have the conflict of interest waiver signed and witnessed
• Have the waiver signed by the parties involved
• Have the waiver witnessed by a third-party
• Understand the consequences of not signing a conflict of interest waiver
• Research the potential legal and financial implications of not signing a conflict of interest waiver
• Develop best practices for creating and managing conflict of interest waivers
• Research best practices for creating and managing conflict of interest waivers
• Implement the best practices
• Put the best practices into action when creating and managing conflict of interest waivers
• Monitor the implementation of the conflict of interest waiver
• Monitor the implementation of the conflict of interest waiver to ensure that it is enforced and followed

Get started

Understand what a conflict of interest waiver is and why it is needed

• Read up on the definition of a conflict of interest waiver and its uses
• Familiarize yourself with the different conflicts of interest that can arise in your organization
• Understand the purpose of a conflict of interest waiver and why it is important
• Research the potential legal ramifications of not having a conflict of interest waiver in place

You can check this step off your list when you have a thorough understanding of what a conflict of interest waiver is and why it is needed.

Research what a conflict of interest waiver is and why it is commonly used

• Read about the different types of conflict of interest and the legal implications of each
• Search for case studies on how companies have managed conflicts of interest
• Research the different policies, procedures and regulations related to conflict of interest waivers
• Understand the consequences of not having a conflict of interest waiver in place

You can check this off your list once you have a clear understanding of what a conflict of interest waiver is and why it is commonly used.

Identify the types of situations that require a conflict of interest waiver

• Review relevant documents, such as the organization’s policies and procedures, to identify potential conflicts of interest.
• Consider potential scenarios, such as if an employee’s spouse works for a competitor and the employee is asked to provide information about the competitor.
• Examine any potential overlap between the roles and responsibilities of an individual, and those of their family and friends.
• Determine what type of financial or other interest could create a conflict of interest.

How you’ll know when you can check this off your list and move on to the next step:

• When you have identified the different types of situations that could lead to a conflict of interest and the types of financial or other interests that could create a conflict of interest, you can move to the next step.

Research the different types of situations that may require a conflict of interest waiver

• Visit the U.S. Small Business Administration website to learn about common situations that may require a conflict of interest waiver
• Read about different case studies related to conflict of interest waivers
• Ask colleagues or mentors for their experiences in drafting conflict of interest waivers
• Search for online resources and templates to help understand the necessary requirements for a conflict of interest waiver
• When you have a better understanding of the types of situations that may require a conflict of interest waiver, you can move on to the next step.

Research the legal implications of signing a conflict of interest waiver

• Research the laws related to conflicts of interest in your jurisdiction
• Read any relevant case law related to conflicts of interest
• Consult with a lawyer to get an understanding of the legal implications of signing a conflict of interest waiver
• Make a list of any questions or concerns you have about the legal implications of signing a waiver

Once you have researched the legal implications of signing a conflict of interest waiver and have a good understanding of the legal implications, you can check off this step and move on to the next step.

Understand the potential legal implications of signing a conflict of interest waiver

• Read up on any legal regulations or laws that could be impacted by signing a conflict of interest waiver
• Research any legal precedents or case law related to conflict of interest waivers and their implications
• Speak with a legal professional to get a better understanding of the legal implications
• When you have a thorough understanding of the legal implications, you can check this step off your list and move on to the next step.

Determine what should be included in a conflict of interest waiver

• Identify what types of conflicts of interest could exist in your organization
• Determine which conflicts of interest need to be waived in order to protect the organization
• Consider what type of language should be included in the waiver to cover all potential conflicts of interest
• Ensure the waiver is legally binding and compliant with applicable laws
• When finished, review the waiver for accuracy and completeness

You’ll know you’ve completed this step when you have a conflict of interest waiver that has been carefully crafted to cover all potential conflicts of interest and is legally binding and compliant with applicable laws.

Research what should be included in a conflict of interest waiver

• Research state regulations regarding conflicts of interest
• Review past waivers to get an idea of the language and clauses typically used
• Consult with legal counsel to ensure the waiver meets all requirements
• Make a list of the clauses and language needed for the waiver

You can check off this step when you have gathered all the necessary information and are ready to move on to creating the conflict of interest waiver.

Create the conflict of interest waiver

• Identify the key parties involved in the conflict of interest waiver
• Outline the goals of the waiver
• Define terms and conditions of the waiver
• Create a document that outlines and addresses the terms and conditions of the waiver
• Have all parties involved sign the final document
• Store the signed document in a secure location

When you can check this off your list and move on to the next step:

• When all parties have signed the conflict of interest waiver document
• When the signed document is stored in a secure location.

Draft the conflict of interest waiver

• Clarify the role of the parties involved in the conflict of interest
• Identify the interest to be waived
• Draft a statement of waiver and have the parties involved sign
• Have the waiver witnessed by a third party
• Ensure that the waiver is valid under applicable law
• Check that all parties have signed the waiver and that it is legally binding
• Once all parties have signed and witnessed the waiver, it is complete and ready to be filed.

Have the conflict of interest waiver signed and witnessed

• Obtain signatures of the parties involved in the conflict of interest waiver
• Have the signatures witnessed by a third-party who is not involved in the transaction or conflict
• Ensure that the witness is of legal age and competent to sign
• Make sure that the witness can provide proof of identity
• Make sure that the witness is not a party to the transaction and is able to provide an unbiased opinion
• Check that all required fields are completed correctly
• Once all requirements are met, the conflict of interest waiver has been signed and witnessed and is ready to be submitted.

Have the waiver signed by the parties involved

• Determine who needs to sign the waiver (the parties involved in the conflict of interest)
• Present the waiver to the involved parties
• Make sure each party understands the waiver and its implications
• Ensure each party has the opportunity to review the waiver and ask any questions
• Have the parties sign the waiver
• Confirm that each party has provided a signature

Once all parties have signed the waiver, you can check this step off your list and move on to the next step.

Have the waiver witnessed by a third-party

• Ask a third-party witness to sign the document. The witness should not be related to either of the parties involved.
• Make sure the third-party witness reads and understands the document before signing.
• Ensure the third-party witness is of legal age and understands the implications of witnessing the document.
• Once the document is signed, the third-party witness should also include their name and address in the waiver.
• You have completed this step when the waiver has been signed by the third-party witness.

Understand the consequences of not signing a conflict of interest waiver

• Understand the legal implications of not signing a conflict of interest waiver, such as potential fines or criminal prosecution
• Recognize the financial consequences of not signing a conflict of interest waiver, such as legal fees, loss of profits, or reputational damage
• Become familiar with relevant state and federal laws, as well as relevant regulations in your industry
• When you can explain the potential consequences of not signing a conflict of interest waiver, and have a working knowledge of relevant laws and regulations, you can check this off your list and move on to the next step.

Research the potential legal and financial implications of not signing a conflict of interest waiver

• Read up on state and federal laws related to conflict of interest waivers
• Research cases related to conflict of interest waivers to understand any potential legal ramifications
• Speak with a legal professional to get their opinion on the potential legal implications
• Calculate the potential financial risks associated with not signing a conflict of interest waiver
• Speak with an accountant or financial professional to get their opinion on the potential financial implications

When you can check this off your list and move on to the next step:

• When you have a full understanding of the potential legal and financial implications of not signing a conflict of interest waiver.

Develop best practices for creating and managing conflict of interest waivers

• Review the legal and financial implications of not signing a conflict of interest waiver
• Identify areas of potential legal and financial risk
• Draft a conflict of interest waiver document
• Include language outlining the potential legal and financial implications of not signing the waiver
• Develop a system for collecting and storing signed waivers
• Establish a process for regularly reviewing and updating the waiver document

When you have completed this step, you will have a conflict of interest waiver document drafted, a system for collecting and storing signed waivers, and a process for regularly reviewing and updating the waiver document.

Research best practices for creating and managing conflict of interest waivers

• Review current literature, articles, and any existing policies and procedures related to creating and managing conflict of interest waivers
• Understand the legal requirements of conflict of interest waivers in your state
• Gather information from industry peers and colleagues about what they do for conflict of interest waivers
• Reach out to experts in the field for advice and suggestions
• Create a list of best practices for creating and managing conflict of interest waivers

You can check this off your list when you have a comprehensive list of best practices for creating and managing conflict of interest waivers.

Implement the best practices

• Ensure that all parties to the waiver agree to the terms and are aware of the risks involved
• Have the waiver reviewed by legal counsel to determine if it meets the requirements of the applicable law
• Create a conflict of interest policy and make it available to all parties involved
• Create a tracking system to monitor compliance with the waiver
• Create a process for resolving disputes related to the waiver
• Provide appropriate training to all parties involved in the waiver
• When all of the above steps have been completed, the waiver is ready for implementation and can be signed by all parties.

Put the best practices into action when creating and managing conflict of interest waivers

• Create a conflict of interest waiver document: Draft a conflict of interest waiver document that outlines the roles and responsibilities of all parties involved. Be sure to include clear definitions of any potential conflicts of interests, and make sure all involved parties fully understand their responsibilities.
• Consult with legal counsel: Before signing any conflict of interest waiver agreements, consult with legal counsel to ensure that the document is legally binding and compliant with any applicable laws.
• Monitor the implementation: Develop a system to monitor and track the implementation of the conflict of interest waiver agreements, such as regular reviews and audits.
• Follow up: Follow up with all parties involved to ensure that everyone is adhering to the terms of the conflict of interest waiver agreements.

You’ll know you can check this off your list and move on to the next step when you have completed the steps above and all parties have signed the conflict of interest waiver document.

Monitor the implementation of the conflict of interest waiver

• Ensure that all of the stakeholders involved in the conflict of interest waiver are aware of the requirements and responsibilities associated with the waiver
• Verify that the conflict of interest waiver is regularly reviewed and updated, as needed
• Monitor any changes to the conflict of interest waiver and ensure that all stakeholders are informed of the changes
• Check that the conflict of interest waiver is being enforced and followed by all parties
• Keep a record of any non-compliances with the conflict of interest waiver and take appropriate corrective actions
• Once all of these tasks are completed, the conflict of interest waiver can be marked as monitored and the next step can be completed.

Monitor the implementation of the conflict of interest waiver to ensure that it is enforced and followed

• Ensure that all employees understand and adhere to the conflict of interest waiver
• Track and document any violations of the conflict of interest waiver
• Provide regular reminders and updates to employees about the conflict of interest waiver
• Investigate any reports of possible violations of the conflict of interest waiver
• Take appropriate action when violations of the conflict of interest waiver are found
• When violations of the conflict of interest waiver are found, document the corrective actions taken
• When all corrective actions have been taken, the step can be considered complete.

FAQ:

Q: Does the conflict of interest waiver need to be signed by both parties?

Asked by Alexander on May 8th, 2022.
A: Generally, the conflict of interest waiver needs to be signed by both parties. However, depending on the jurisdiction and the laws governing the contract, one party may be able to waive their rights without signing the waiver. It is important to check with a qualified lawyer in your jurisdiction to determine exactly what is required for a valid conflict of interest waiver to be created.

Q: Is a conflict of interest waiver legally binding?

Asked by Naomi on October 4th, 2022.
A: Whether a conflict of interest waiver is legally binding depends on the jurisdiction in which it is created and signed. In some cases, a signature may not be required for a conflict of interest waiver to be considered legally binding, while in others it may be necessary for both parties to sign the document before it will be enforced. It is important to check with a lawyer in your jurisdiction to ensure that all legal requirements are met before relying on a conflict of interest waiver.

Q: Are there any specific requirements for creating a conflict of interest waiver?

Asked by Robert on December 16th, 2022.
A: When creating a conflict of interest waiver, it is important that all relevant information is included. This includes details about the parties involved, such as their names and contact information; details about the transaction or contract being waived; and any other relevant information that could affect the validity of the document. It is also important that all legal requirements in your jurisdiction are met before relying on a conflict of interest waiver.

Q: Are there any specific laws or regulations that must be followed when drafting a conflict of interest waiver?

Asked by Abigail on April 26th, 2022.
A: Yes, there are specific laws and regulations that must be followed when drafting a conflict of interest waiver. These vary from jurisdiction to jurisdiction and it is important to check with a qualified lawyer in your jurisdiction to ensure that all legal requirements are met before relying on a conflict of interest waiver. In general terms, however, most jurisdictions require that all relevant information about the transaction or contract being waived is included in the document; that both parties understand and agree with the conditions set out in the document; and that all signatures required for validity are present.

Q: How long does a conflict of interest waiver remain valid?

Asked by Noah on January 3rd, 2022.
A: The validity period for a conflict of interest waiver depends on the terms set out in the document itself. Generally speaking, however, most waivers remain valid until one or more parties involved in the transaction or contract have changed their circumstances significantly enough that they no longer agree with the conditions set out in the document. It is important to review any existing waivers regularly and make sure they remain valid and up-to-date with any changes in circumstances or requirements.

Q: What happens if one of the parties involved in a conflict of interest waiver violates its terms?

Asked by Emma on August 11th, 2022.
A: If one of the parties involved in a conflict of interest waiver violates its terms, then this could lead to legal repercussions depending on the situation and jurisdiction. Generally speaking, it is important for all parties involved to understand and agree with the conditions set out in any document before signing it; if one party fails to meet these conditions then this could lead to disputes or other legal issues arising from it down the line. It is therefore essential to ensure that all parties involved understand their obligations under any document they sign before committing themselves to it.

Q: What if I need help understanding my obligations under a conflict of interest waiver?

Asked by Ethan on March 14th, 2022.
A: If you need help understanding your obligations under a conflict of interest waiver then it is important to seek advice from an experienced lawyer who can explain exactly what you are signing up for and answer any questions you may have about it. The terms set out in any conflict of interest waiver can be complicated and vary from jurisdiction to jurisdiction; so seeking legal advice before signing up for anything can help ensure you are making an informed decision about what you are agreeing to and avoid potential disputes later down the line.

Example dispute

Conflict of Interest Waiver Lawsuits

• A plaintiff may raise a lawsuit which references a conflict of interest waiver in order to challenge the legality of the waiver itself.
• This could be done if the plaintiff believes that the waiver was not properly executed or that the terms of the waiver are overly broad or unfair.
• The plaintiff must be able to prove that the waiver was not properly executed or that the terms of the waiver are not reasonable and equitable.
• The plaintiff may be able to win the case if they can show that the conflict of interest waiver was not properly executed and that it is unreasonable or inequitable.
• In addition, they must also be able to prove that they have suffered damages as a result of the conflict of interest waiver.
• These damages may include lost wages, legal fees, medical expenses, or other economic losses.
• If successful, the plaintiff may receive a settlement, or a court may decide to award damages to the plaintiff.

Templates available (free to use)

Helpful? Want to know more? Message me on Linkedin