Do you make these mistakes in your contracts?

Mistakes happen. Just ask the ref who didn’t call a double dribble on Virginia moments before it made the game winning free throws in the final four on Saturday night. Never mind the fact that any 13 year-old kid officiating the local game at the YMCA would have spotted the foul.

Fortunately, we can all learn from other’s mistakes. A recent letter to banks subject to the FDIC’s jurisdiction is worth reading and paying attention to for credit unions even though it doesn’t apply to them.

According to the FDIC, its examiners are spotting a trend in which banks contracting with technology service providers may not be adequately defining the rights and responsibilities of third-party technology providers regarding business continuity incident response responsibilities.


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