Every company has some "third-party paper" on its books; contracts not drafted by your legal counsel, but that you still have to sign as a regular course of business. In theory, this isn't a problem, so long as your legal team reviews these outside agreements before you sign them. In practice, a lot of third-party paper gets signed without the knowledge or consent of your legal counsel, and the problem is growing worse.
We discuss the reasons why third-party paper is on the rise, and how to solve the problem, in our latest eBook: "Mitigating Risk: Why Your Legal Team Needs to Know What’s on Third-Party Paper (and How to Figure It Out)".
The culprit behind the quiet explosion in unaccounted third-party contracts are Software as a Service (SaaS) vendors. Everyone from individual line employees to c-suite leadership can sign up for a SaaS solution on behalf of your organization, accept an online Terms of Service with a few quick mouse-clicks, and suddenly your company is party to a legal agreement that no lawyer has reviewed, and your contract repository doesn't include.
Anyone with a corporate credit card or discretionary budget can deploy a SaaS solution. While this practice is often frowned upon -- and many security consultants have tried to tamp it down as risky "shadow IT" -- most of the processes around SaaS involve minimizing cybersecurity risks, not legal liabilities. Put another way: SaaS signups are cleared with the CIO or head of cybersecurity, not the CLO or corporate counsel.
With "Mitigating Risk: Why Your Legal Team Needs to Know What’s on Third-Party Paper (and How to Figure It Out)", you'll learn how to stand up a process that accounts for SaaS-created third-party paper, as well as get tactics for tracking down the rogue SaaS agreements that slip through the cracks. Most importantly, you'll get a handle on how big the problem is, so you can impress on your leadership team that third-party contract risk is an issue worth addressing.
If you're ready to close the biggest liability loophole that third-party contracts represent, download "Mitigating Risk: Why Your Legal Team Needs to Know What’s on Third-Party Paper (and How to Figure It Out)" now.
And if you're ready to adopt the AI-powered contract automation solution that can make third-party paper-wrangling as simple as possible, then contact LinkSquares today.