Conflict Interest Agreement Template With Collateral
Description
How to fill out Employee Noncompetition And Conflict Of Interest Agreement?
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FAQ
The collateral-contract doctrine is a rule that says if there is a disagreement about a written contract, evidence of a second agreement (usually spoken) can be used in court if it doesn't contradict the written contract and if the information in the spoken agreement wouldn't normally be included in the written ...
Some examples of a conflict of interest could be: Representing a family member in court. Starting a business that competes with your full-time employer. Advising a client to invest in a company owned by your spouse.
For example, if Jenna is a manager at Great Bird Feeders but she is also freelancing on the side for their competitor Best Bird Feeders, she has a conflict of interest because she's splitting her loyalties between two competing companies.
A collateral contract is usually a single term contract, made in consideration of the party for whose benefit the contract operates agreeing to enter into the principal or main contract, which sets out additional terms relating to the same subject matter as the main contract.
Suppose you agree to rent an apartment. The lease agreement you sign with the landlord is the main contract. However, your landlord promises to fix the toilet drainage. Therefore, this is the collateral contract.
