Exit Strategy

Exit Strategy

Nov 8, 2018

Predetermined process or requirements for terminating a third party relationship. Best practice termination requirements include: return of the work product; return or destruction of data; proof of destruction and / or return of intellectual property (IP), work product and data; transition assistance; reporting requirements; insurance requirements; notification / consent to subcontracting; right to solicit / hire vendor employees; and indemnification regarding responsibility for costs and where liability lies. If the relationship involves processing that is critical, establish parallel services.

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