In Chapter 5, titled “Evolution of the US Legal Framework for Counterparty Risk Mitigation”, Lauren Teigland-Hunt examines how the approaches to managing counterparty credit risk (CCR) through legal documentation have evolved over the last two decades. Beginning with key credit risk mitigation initiatives such as the creation of the ISDA Master Agreement, she identifies a series of industry undertakings to enhance legal documentation and standards for managing CCR. She then reviews the lessons learned from the financial crisis of 2007-8 and discusses common approaches to mitigating CCR via legal documentation today. Finally, she concludes with an overview of the regulatory reform efforts targeting the financial sector that are likely to impact the way in which CCR is addressed in the OTC derivatives markets. Available at: www.riskbooks.com/cpcr