Most businesses handle non-disclosure agreements (NDAs) on a daily basis.
NDAs are legal contracts designed to safeguard confidential information and minimize the risk of unauthorized use. It helps to protect both parties involved and promotes an environment of collaboration and trust. As NDAs often make up the largest number of agreements in a business’s repository, automating and configuring NDAs can save time and effort by streamlining processes. Additionally, agreeing to these custom terms can help ensure mutual understanding and protection. Here we highlight the key areas to automate and configure NDAs to increase efficiency and share some practical tips for negotiating these custom terms.
Boost Efficiency and Accuracy with Automation
- Contract Templates- Implement solutions that create custom templates to eliminate hours of manual work, save money, and avoid reinventing the wheel for each NDA agreement.
- Digital signature platforms- Secure digital signature platforms like DocuSign and Adobe Sign are a surefire way to expedite the signing process. It eliminates unnecessary paperwork, shortens the turnaround time, and ensures maximum security.
- Event Notifications & Reminders- Integrate automated reminder systems to alert and make sure all parties involved know what is happening and when. This increases accountability, avoids delays, and eliminates troublesome bottlenecks in the process.
- Centralized Repository- Utilize cloud-based platforms like a secure contract lifecycle management solution to create, store, and organize NDAs. This allows everyone to easily stay on top of the agreements for maximum collaboration.
Maximize Protection with Configuration
- Personally Identifiable Information (PII)- Determine what information the business would like to keep confidential and customize your templates to suit their needs. Examples of this information could include intellectual property, customer data, or other proprietary information.
- Tailor clauses and terms- Customize templates to include specific clauses such as non-compete, restrictions on third-party disclosers, or any specific requirements regarding destruction. Discussing these terms can avoid confusion and keep all parties on the same page.
- Define and keep terms and definitions- Ensure mutual understanding and avoid potential disputes by using agreed-upon language so all parties can understand the terms and obligations.
- Consider Compliance- Align NDAs with the legal and jurisdictional requirements to mitigate risk and ensure compliance.
Being able to negotiate custom terms in NDAs is crucial to mutual understanding and ensuring you meet both parties’ needs. Consider these tips for successful negotiations.
- Understand objectives- Clearly define the objective and what you are looking to protect in your NDAs. Identify key terms and areas of flexibility so you can get your agreement underway.
- Prioritize important terms- Most NDAs don't last forever. Focus on negotiating important factors such as the duration of the agreement, scope of confidentiality, exclusions, and any other important terms. Addressing these terms early can avoid miscommunication and time spent later in the process.
- Collaborate effectively- Make sure you seek to understand both parties’ concerns to ensure the agreement is mutually beneficial.
Non-disclosure agreements can be tricky. They are designed to protect a company's confidential information and there is a lot at stake when it comes to managing them effectively. Malbek’s CLM platform offers streamlined workflows to improve NDA management. With enhanced collaboration and maximum protection, organizations can optimize efficiency throughout the contract lifecycle. Sign up for a demo today and learn how you can quickly generate and send NDAs for signature that safeguard your business!