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<br />arise when arr employee, officer, board member, or agent, including any member of his or her <br />immediate family, partner, or organization that employs, or intends to employ, any of the parties <br />listed herein has a financial interest in the firm selected for award. The Contractor may set de <br />minimis rules where the financial interest is not substantial, or the gift is an unsolicited item of <br />nominal intrinsic value. The Contractor agrees that its code or standards shall also prohibit the <br />its officers, employees, board members, or agents from using their respective positions in a <br />manner that presents a real or apparent personal or organizational conflict of interest or <br />personal gain. As permitted by State or local law or regulations, the Contractor agrees that its <br />code or standards of conduct shall include penalties, sanctions, or other disciplinary actions for <br />violations by its officers, employees, board members, or their agents,. or its third party <br />contractors or subrecipients or their agents. <br />(1) Personal Conflicts of Interest. The Contractor agrees that its code or <br />standards of conduct shall prohibit the Contractor's employees, officers, board members, or <br />agents from participating in the selection, award, or administration of any third party contract or <br />subagreement supported by Federal/State assistance if a real or apparent conflict of interest <br />would be involved. Such a conflict would arise when an employee, officer, board member, or <br />agent, including any member of his or her immediate family, partner, or organization that <br />employs, or intends to employ, any of the parties listed herein has a financial interest in the firm <br />selected for award. <br />(2) Organizational Conflicts of Interest. The Contractor agrees that its <br />code or standards of conduct shall include procedures for identifying and preventing real and <br />apparent organizational conflicts of interest. An organizational conflict of interest exists when <br />the nature of the work to be performed under a proposed third party contract or subagreement <br />may, without some restrictions on future activities, result in an unfair competitive advantage to <br />the third party contractor or subrecipient or impair its objectivity in performing the contract work. <br />07-SC-056 <br />Orange County <br />Page 9 of 59 <br />