Common use of Interest of Provider Clause in Contracts

Interest of Provider. Provider covenants that it presently has no interest and shall not acquire any interest, direct or indirect, which would conflict in any manner or degree with the performance of its services hereunder. Provider further covenants that in the performance of this contract, it shall not knowingly employ any person having such interest. Provider further certifies that no member of the Board of the Provider or any of its officers or directors has such an adverse interest. Provider covenants that it will not participate in the purchase of goods and services from a person having an interest or relationship in the Provider’s organization unless made under a competitive bidding procedure. However, Provider may purchase goods or services from such person, if the sum of the same does not exceed $500 annually, and the costs of goods or services furnished by said related organization is the lower of the allowable cost to the related organization or the market value of the goods or services. Provider further covenants that any transaction involving a related party shall be disclosed in Provider’s audit report.