#ndamanagementprocess

There's an old saying that anything worth doing is worth doing right. An NDA is a proactive document for protecting your business. How the receiving party views your terms and conditions can differ, so be prepared for roadblocks. Business partnerships are rarely smooth sailing. Everyone has something to protect for the best interests of their business. Learn the fundamentals of building a strong NDA management process for your business with our guide. Here are three tips for streamlining NDA requirements so they don’t slow down your business goals:

1. Secure Electronic Signatures with In-Platform Integration

Generally, nothing is legally binding if it isn't signed. Your NDA may involve complex details if your project or partnership involves a major project.  NDA requirements are legally binding, and hesitancy to sign due to the specific language can delay your project from getting off the ground. But don’t skip over the process. Collecting the right signatures, in the right places, is what validates the contract.  Anyone who comes in contact with your company's confidential information should sign an NDA. This requires a close look internally at those among your staff who may work on projects involving sensitive information. But don't expect all employees to suddenly jump on board with your terms.  It is typical human nature to want your employer to trust the work that you do. Educating and communicating with your employees about the reasons behind the need for their signature can help place them at ease. A disgruntled employee can pose a real threat to your company's private information. When an employee takes confidential information to a competitor after signing an NDA, they are in breach of contract. Enforcing the penalties of a breach is important for holding them accountable for their actions and the harm caused by the breach.  Built-in DocuSign features like those found in ContraxAware allow you to send and sign contracts using eSignature. This is a key factor in streamlining NDA requirements. Automatic reminders help you to track the process of signatures for your NDA. Remember, an NDA is a legal document. Overlooking a missed signature can derail your project and leave you at risk for the loss of confidential information. 

2. Use Templates to Speed Up the Process

All your employees are busy. Your legal counsel, especially, has enough to do without constant emails asking them to review NDAs. Built-in templates are invaluable for preventing a backlog of emails and a build-up of employee stress.  The terms and conditions of your NDA may vary while the penalties often remain the same. Templates provide the legal framework for your NDA and allow for a more straightforward review by your legal team. While your legal counsel remains an active and important component of your company contracts, easing their load with a collaborative tool is a more efficient use of their time. 

3. Never Underestimate the Importance of a Review Checklist

Contracts of any type require careful review. There is always something that can show up later, a missed detail that is small yet dangerous. A review checklist can provide the protection you need to ensure nothing is left out of your NDA. A review checklist is simply a series of checks and balances that protect your NDA from experiencing roadblocks. Also, a standard review process becomes much easier using a contract management system like ContraxAware. Streamlining NDA requirements always goes faster with standard practices and robust software. Some NDAs may require special considerations. For example, if a particular business deal is extremely important to your company's growth, you may want to consider the potential for pushback. Reviewing certain NDA points and deciding if they are negotiable is important before moving forward.

About ContraxAware

NDA documents are among some of your most important contracts. Managing multiple NDAs can overwhelm even the most seasoned professional. The details of what they contain can vary depending upon their purpose, requiring a balancing act among different staff. First, take a look at our guide to creating a comprehensive NDA management system that utilizes the best aspects of our software. Then follow this quick guide to make sure your NDA management process can make your business grow. Creating an NDA management process that benefits your organization is less stressful and more transparent with the right software system. 

Utilize Existing Data Better

You most likely have a system in place that contains important data. Oftentimes, it is systems, plural, due to the varying projects and partnerships. Scattered information across different formats is dangerous for several reasons, such as: Details are easily missed by the right people, like legal counsel.One or more systems can crash, leaving part of your information lost, possibly forever.Employee turnover forces the movement of files from one system to another. A data migration specialist can transform your chaos into a new system that better streamlines your NDA management process. Migrating your spreadsheets into a contract software system like that of ContraxAware is possible with minimum guidance. Once you discover the ease of having your data in one place, you can spend more time building your company instead of protecting it.

Create Proactive Documents

Once you've built a successful business, you want to protect it. All it takes is one disgruntled employee or vendor to wreck what it took years to create. An NDA agreement is a proactive approach to protecting the confidential information that contributes to your success.  The leadership team of ContraxAware brings more than 30 years of business law experience to the table. That experience, along with more than 30 years of software development experience, results in templates that your legal counsel can appreciate. Finding the right template for a particular partnership or project is easy using the built-in database in ContraxAware. Simply add the terms and conditions, include the duration of the agreement, as well as the consequences for violating the agreement.  Specifying these key pieces of information is vital to a proactive approach now, rather than a reactive approach later. 

Collaborate

The Merriam-Webster Dictionary defines collaboration as, "to work jointly with others or together, especially in an intellectual endeavor."  Strong collaboration is essential across several departments when it comes to your NDAs.  Having one source for your various departments to access, review, revise, and document important contracts saves enormous amounts of time. A contract management system streamlines your NDA process so that everyone involved is working literally off the same page.  Collaboration reaches beyond your legal counsel, development team, and others within your company. Never overlook the value of your IT department when it comes to involvement with your contract management software. Their support is invaluable when you need it the most. 

Launch

Once your NDA agreement is ready to send to the appropriate contacts, you launch it and await their response. Their reply is where ContraxAware can take your contract process a step further with alerts and reminders. A business contract has little value without a signature. Many NDA agreements require a signature in more than one location throughout the document. ContraxAware can alert you to incomplete information from the vendor or potential partner. It can also remind you of contracts that are about to expire or that are up for renewal. ContraxAware has your back when it comes to details you may overlook so that you never let a contract lapse again. 

About ContraxAware

You don't have to own a Fortune 500 company or have a large staff to use non-disclosure agreements (NDAs). Businesses and organizations of all sizes and types can benefit from a legally binding agreement that protects confidential information. Businesses of every size also benefit from optimizing their NDA management system — and our guide can get you started! At the same time, understanding when your company should request NDAs is essential to using them strategically to protect your business.

What Is an NDA?

Chances are you probably signed such agreements in the past. Before creating an NDA specific for your business needs, it is important to fully understand what an NDA is (and what it is not). NDAs Are Legal Documents An NDA provides the legal framework necessary for sharing confidential information with someone outside your company. Protecting sensitive information is vital to keep it from being stolen or accidentally released to the public. NDAs include language about the consequences of violating the agreement. Depending upon the terms of the agreement, the consequences may include financial compensation and/or criminal charges. What NDAs Are Not Public information is not something to include in an NDA. Additionally, an NDA may not protect you if the other party can prove in court that they obtained information before signing the agreement. An NDA also may not protect you if a court subpoena requires someone to share information contained in the agreement as part of their testimony. NDAs are made simpler with content management software. By storing everything in one place and allowing access to certain people, the process is less overwhelming and more likely to meet any deadlines. 

When to Request NDAs

The nature of the business relationships you enter into determines whether or not you need an NDA. Standard operating procedures that request NDAs from those you are about to do business with are smart. It is better to err on the side of caution than to risk the loss of confidential information.  The following examples demonstrate when it makes good sense to request an NDA: You're working with a vendor who may also do work for a competitor. Employees have access to sensitive information they could steal upon leaving for another job.Negotiations involve financial numbers regarding a potential sale or investor partnership.An independent contractor is providing custom work or services on proprietary materials.You’re forming a business relationship that requires integration with proprietary systems. An NDA is a business document that, in order to have success, must not involve personal feelings. If a particular vendor is someone you know from the community, you cannot let your friendship interfere with your business relationship. While that is often easier said than done, the right friend will gladly sign your NDA. Potential partners are also potential competitors. Requesting that they sign an NDA isn't a matter of trust. It serves more as insurance that the information shared remains confidential and keeps everyone on the same page An NDA is generally one of two kinds: unilateral or mutual. A unilateral NDA means there is one party requesting the document. A mutual NDA means two parties request an NDA from one another for mutual protection.

Ready, Set, Template

When it comes to NDA documents, there is no need to reinvent the wheel. Templates that you can customize are just one helpful feature of ContraxAware. Document management for revision tracking and document comparison helps streamline your NDA process. Also, you can build in triggers that automatically tell people when the circumstances are right to request NDAs. Saving time, saving money, and earning an ROI is what makes your business successful. When you decide to request an NDA from employees, vendors, or others with whom you do business, consider giving ContraxAware a try. 

About ContraxAware

Balancing the responsibility of non-disclosure agreements (NDAs) requires a keen eye and sharp focus. Vendors come and go, and so do their representatives. Legal protection of your confidential company information is essential, but it doesn't have to consume your schedule. The right NDA management system tool can help cover all the bases. The very nature of non-disclosure agreements is why the NDA software you use can set the tone for your business operations and, most importantly, the ROI. 

Use the Best Contract Management Strategies Possible — and the Best NDA Management System

A large part of what makes your company successful is the ingredients that no one else knows. Some business relationships require you to pull back the curtain just enough because, in order to do business, you must share private information. When sharing a particular business secret exposes you to potential harm, an NDA helps legally bind vendors and other businesses so they have to protect the information.  Managing NDAs doesn't have to overwhelm you. While you may have a system currently in place, a one-stop source for better document management can help to save time. That’s a precious commodity for any business.  When an NDA Is Necessary Not every vendor or contract requires an NDA. Determining what information is necessary to share in order for your company to experience success depends upon the nature of the business relationship. The following circumstances are just a few examples of why an NDA is often necessary to protect your company's best interest: There are employees with the other company or vendor who may have access to the shared information.The business partner needs the financial details of a possible partnership or potential sale.The business relationship involves custom modifications to your products. No matter how trustworthy business or vendor may seem — or how long you’ve had the relationship — always protect what you know from those about to learn it. You may use an NDA in the early stages of a potential project or partnership. Exploring options for working together can include an NDA because some degree of private information is often required in order to simply start.   Does Your NDA Include the Right Language? Not all NDAs are the same. What works for one business relationship may not work for another. In the day-to-day operations of your business, it is easy to fall into a routine of applying the same template to each NDA. Even the simplest modifications can spell disaster if the language isn't specific to the confidentiality your company needs. But one go-to option isn’t enough. A library of templates for choosing one most applicable is one of the great features of ContraxAware. Once you choose the template you want, complete it, your legal counsel can review it. The process is so much simpler when you have a template to guide you with the right language for your terms and conditions. Even better, your legal team can establish automatic workflows that guide people through choosing the right template. The Importance of eSignatures The details of your NDAs are important. But nothing is ironclad unless the document is signed and received by the deadline. One of the fundamental benefits of the right contract management system is its eSignature process.  Knowing the who, when, and what of eSignatures is essential to your NDA management system. After all, in order to meet the requirements of a legal document, someone, somewhere, must sign the documents.  Built-in DocuSign features allow you to send and sign contracts using eSignature. ContraxAware even includes the ability for you to receive automatic reminders throughout your NDA process.  Getting the Right Signatures According to the most recent data from the U.S. Department of Labor Statistics, most employees spend five years or less in one job. Employee signatures are one of the leading reasons why NDA agreements are so important.  With changing staff, a business may have a disgruntled employee who views your sensitive information as a potential weapon. An NDA is a proactive approach to ensuring your information remains confidential, no matter what issues arise with staff.  Education and communication are two tools that can ease the process with your own employees. Most people want to understand what their signature on a document means. Don't assume that your own staff understands the scope of an NDA they sign. A little training can go a long way to preventing future headaches should a particular employee leave for the competition. NDAs are also just the tip of the iceberg for how a good contract management system can help your HR department. Determine the Timeline for Your NDA

Establishing a timeline for your NDA is something to consider when developing the terms of your agreement. Some trade secrets may require an indefinite timeframe, while other less sensitive information may require a specific timeline. Often referred to as confidentiality obligations, the duration of your agreement depends upon a number of factors. Including the scope of time can better define the terms of your NDA and how long you expect the agreement to last. This allows everyone to have a better understanding from the start of any project or business relationship when it comes to start and stop times of the agreement Stop NDA Requirements from Becoming Roadblocks NDA requirements can become bogged down in requirements that can confuse the most knowledgeable person on your team. The smallest roadblock can bring your entire project to a halt.  ContraxAware isn't just a cloud storing system. It's a collaborative tool that, when used strategically, can prevent roadblocks and bottlenecks by using a team approach. Your legal counsel is in place to protect the best interests of your business. From risk mitigation to risk avoidance, legal counsel provides the oversight NDAs and other important contracts require.  Navigating the NDA process in order to secure the best outcome possible is where a management system is invaluable. Everyone who needs access, has access, making it easier to achieve results that save time and money.   Creating an NDA Management System Process When it comes to NDA management, there's no need to reinvent the wheel with each new partnership. Custom templates are convenient for saving time and resources. Once you develop an NDA that covers the terms your project requires, you can easily integrate it with other data.  At ContraxAware, our data migration specialists can help you securely transfer your current data. Depending upon your needs, our software allows you to export data into the system as you need it or all at once. From spreadsheets to other types of data sources, we can help you find the best solution for an easy transfer of information.  Merging sources makes management of your NDAs and other contracts easier to access and navigate. Revision tracking features help keep documents up-to-date with the latest changes so there's no confusion.  Your NDA management system doesn't have to overwhelm your staff. Processing such important information and collaborating on the details is possible when it comes to securing the best outcomes for your business. Different NDAs and Process Workflows Your Company Needs  There are two standard types of NDAs: mutual and unilateral. A mutual NDA is just as it sounds, with sensitive information shared by both parties. A unilateral NDA refers to an agreement submitted by one of the parties for another party to sign and accept because only one party is sharing information. Your company may deal with each type of NDA or NDAs that include specific terms and conditions for your project or business relationship.  No matter what type of NDA you work with on a daily basis, sensitive information is changing hands. That's reason enough to invest in the best software system possible for protecting the best interests of your business.  Workflows for your NDA processes involve more than just you and your legal counsel. An essential — although often overlooked — partner is your IT department. A strong IT support system helps all departments use an NDA management system by ensuring the company network and access remains consistent.

How ContraxAware Can Help You Manage Contracts Better

At ContraxAware, we take great pride in the way our contract management system helps companies thrive. Protecting the time your employees invest in ensuring documents contain the right language, terms, conditions, and signatures can help your ROI. Life gets busy, both in the office and outside of the office. Chances are that your NDA management system is just one component of your office day. Ringing phones, emails, meetings, and more consume enough time. An NDA is too important to risk missing a deadline for a signature or to miss that one particular part that wasn't signed. Juggling several NDAs at once can lead to downright confusion. There is no room for guessing where your legal counsel reviewed the NDA, received the latest update, or even knows about a particular NDA of great importance.  Time management begins with collaborative tools. A centralized system has benefits that go far beyond storage. With ContraxAware, you can create, process, store, and manage in a streamlined process that can help accelerate growth and increase profitability. 

Take Your NDA Management System to the Next Level

ContraxAware comes with the support and training you need to get up-and-running. Built-in training guides help new users through the software. Additional features like an online help system and eight hours of one-on-one training come with the professional and above subscription plans.  You've worked hard to build your business, and protecting your success relies on quality NDA management. Not all contract management systems are alike, and choosing the right one to meet all your needs is an important decision.  NDA management software is no place to settle when it comes to guarding your secrets of success. It is easy to become complacent in using the same NDA agreements time after time. In today's ever-changing business world, however, falling into a trap of "we've always done it this way" is dangerous. It will be determinantal to your efforts to experience growth, measure ROI, and form positive business relationships. 

About ContraxAware

ContraxAware provides the ability to manage documents, ensure compliance, and strengthen your business position. Our leadership has the skills and background necessary for developing the best NDA software available. Two leaders combine their expertise to ensure that ContraxAware serves its clients using the latest information in a streamlined system.  ContraxAware CEO John D'Amelio has more than 30 years of experience developing, implementing, and supporting software programs. From Forbes 500 companies to small businesses and everything in between, John's talent and expertise have a global reach.  Joining John is Jack J. Vultaggio, J.D., the General Counsel of ContraxAware. Jack also serves on the development and advisory team. His more than 30 years of experience includes serving as a business lawyer for a variety of companies. His knowledge of business contract law is invaluable when it comes to the legal framework used within the ContraxAware system.  Both John and Jack understand the importance of NDA agreements and the power such documents have to make — or break — a business. By joining forces, they now lead ContraxAware and a great staff of knowledgeable and professional employees.  How Our NDA Management Software Can Help You Right Now Quality NDA management software is important for a business of any size. Our sales team can help match you with the best subscription plan for your needs. You can even try ContraxAware for free. Once you sample our time-saving software, you'll see how easy it is to use — and you'll wonder how you ever got by without it.  Business relationships are a part of what makes a healthy economy. Trusting those you enter into a partnership with isn't easy, and it certainly isn't practical. No matter how long you've known someone or how much you respect them, an NDA is the legal documentation that protects the business you built. When your business relationship turns sour, an NDA has your back. 

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