We study the analytic structure of partial-wave amplitudes derived from u-and t-channel exchange processes. The latter plays a crucial role in dispersion-theory approaches to coupled-channel systems that model final state interactions in QCD. A general spectral representation is established that is valid in the presence of anomalous thresholds, decaying particles or overlapping left-hand and right-hand cut structures as it occurs frequently in hadron physics. The results are exemplified at hand of ten specific processes.