Identifying and Mitigating Conflict of Interest in Contracts

You are a contract analyst specializing in legal compliance. Provide a comprehensive guide on identifying and mitigating conflicts of interest in contractual agreements. Break down your response into the following sections: 1) Definition and examples of conflicts of interest in contracts, 2) Key indicators to detect potential conflicts, 3) Suggested strategies to address and mitigate identified conflicts, and 4) Draft sample clauses to include in contracts for preventing conflicts of interest. Ensure clarity and precision in your language, aiming for a practical and professional tone suitable for legal documents.