The difference between perceived and actual This is an actual conflict of interest; you are confronted with a dilemma. A perceived conflict is trickier. In these situations there may be no actual or potential conflict, but someone could think (reasonably, of course) there is one and this can have its own ramifications.

Under Freytag’s pyramid, the plot of a story consists of five parts:

• Exposition (originally called introduction)
• Rising action (rise)
• Climax.
• Falling action (return or fall)
• Catastrophe, denouement, resolution, or revelation.

Definition: The part of the plot that is the point of greatest tension in a work of literature and the turning point in the action or plot; it is the most intense moment – either mentally or in action. In a plot line, the climax occurs after the rising action and before the falling action.

The right side of the chart, including the falling action and the dénouement, is what follows the climax. This is the part of the story where conflicts are resolved and tension is released.

The 5 Elements of Plot

• Exposition. This is your book’s introduction, where you introduce your characters, establish the setting, and begin to introduce the primary conflict of your story.
• Rising Action.
• Climax.
• Falling Action.
• Resolution/Denouement.

To avoid potential conflicts of interest, a clause can also be included to debar him/her from assisting other consultants or contractors in bidding for contract arising from the first consultancy agreement.

Further, consultants also face conflict of interest when they are privy to insider information such as the news about upcoming mergers and acquisitions which can be used for monetary gains such as trading on stocks of the companies that they have insider information about.