Stay Compliant: Update Your Vendor Contracts Before 2023

Starting in December 2022, a series of significant laws (domestic and international) are due to come into effect which will impact new AND existing vendor contracts. Vendor contracts are agreements between two parties (a vendor and a business/individual) that detail the goods and/or services that will be provided in exchange for compensation. The applicability of the pending updates will depend on certain criteria relating to the contracting parties, such parties' respective jurisdictions, and the contract terms themselves.  

International Privacy Laws (December 27, 2022)

On June 4, 2021, the European Commission issued updated Standard Contractual Clauses ("SCCs"). The SCCs are preapproved contract clauses that seek to ensure compliance with the General Data Protection Regulation ("GDPR") by establishing appropriate data protection safeguards. As a result, prior to the December 27, 2022 deadline, service contracts between controllers and processors that involve