International mediators are often called upon to manage the risks of negotiation leading to a peace settlement. This article argues that important risks are often contained in the terms of a peace settlement, which must also be addressed by international negotiators. These risks are described as incurable covenant risks, curable covenant risks, and legal and systemic risks. This article discusses several different strategies for managing these risks. The article argues that although some of these risks can be managed by international mediators, not all are amenable to negotiated interventions.