Every company has to occasionally sign third-party paper -- as in, contracts your own legal counsel didn't draft -- but third-party paper becomes a concern when someone executes those agreements without telling your legal team. It's a very common, and very dangerous, problem.
Fortunately, there are ways to track down this invisible third-party paper, which we detail 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 most common reason third-party contracts sneak into your business unnoticed is from outside vendors, particularly Software as a Service (SaaS) vendors. Leaders in your organization simply click on a Terms of Service screen during an online signup process, never realizing that it is a contract with legal consequences. They don't run it by counsel, and the agreement isn't included in your contract repository.
And, no matter how much you educate your team about these issues, or how much you adapt your process to try to prevent this from happening, third-party paper is eventually going to sneak its way in. The question is merely how much, and how often.
Fortunately, there are tactics and techniques for tracking down these unseen third-party contracts, adding them to your contract repository, and accounting for the legal liabilities and risk they represent. In "Mitigating Risk: Why Your Legal Team Needs to Know What’s on Third-Party Paper (and How to Figure It Out)", we lay out those processes, as well as explain why they are necessary (so you can convince your leadership team that a "contract hunt" is worth the effort).
If you want to learn how to account for all the hidden third-party paper in your organization, 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 want to adopt the AI-powered contract automation solution that will make it easiest to account for and analyze all the liabilities your newly unearthed third-party contracts might pose, then contact LinkSquares today.