#ndamanagementsystem

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

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

An NDA is one of the most important contracts in business. Companies work hard to develop trade secrets, financial records, and other types of private information. Protecting that information from competitor use is essential for business success. But not all contract systems include the built-in features you need to produce a quality NDA. Read our guide to NDA management systems and how to organize your business processes here for a comprehensive overview. The right contract management system doesn’t just have the tools to track your NDAs during every stage of their lifecycle; it also has the tools you need for faster NDA management. 

Contracts and NDAs

You may question why your current contract management system isn't enough for your NDA needs. There are several reasons why and how a contract differs from an NDA — and why your management strategies differ, too. Those reasons include: Your current system may serve a customer-oriented base. It may contain outdated software components that limit integration and prohibit collaborative use.Document language may not include the legal language an NDA requires. An NDA is, in fact, a contract. But it’s different from the sales and vendor contracts your teams usually hangle. It is a legal document designed to protect you against mitigating risks and harm to your company's confidential information. As such, it requires a more stringent process of checks and balances than a standard contract.  Perhaps the most important component of an NDA is the terms outlining penalties for breach of contract. The consequences are more severe than a typical business contract that doesn't include sharing private information.

Contract Software Management That Performs

At ContraxAware, we believe contract software management should help save time and improve your ROI. Our leadership team brings more than 30 years of software development and business law experience to our product.  ContraxAware provides the essential tools you need to manage your NDAs properly, including: Built-in document templates: Having clear-cut templates streamlines the signature process and minimizes bottlenecks in your legal department.Online, walk-through training: When your employees know how to use their NDA management software, your company benefits from faster NDA management.Process tracking through alerts and reminders: Automated triggers and notices stop in-process NDAs from falling through the cracks or building up on an executive’s desk.Collaborative features for use across multiple departments: When different teams can communicate in-platform, there are fewer delays and miscommunications that might set projects back.DocuSign for collecting eSignatures: In-platform eSignature requests are easy to monitor, simple to complete, and completely secure. Faster NDA management is easier with software that handles the process from start to finish. Best of all, there is no need to start over with your important data. ContraxAware has on-staff data migration specialists who can help make the transition from old to new painless. Using ContraxAware is safer and more secure than your standard spreadsheet. Once you notice the difference, you can see how much your workflow speeds up because of the new automations and intuitive access.

Better, Faster NDA Management Matters

From Fortune 500 Companies to small start-ups, NDA management matters. Protecting your company's confidential information is vital to your bottom line. Chances are your legal counsel already feels overwhelmed by emails, phone calls, and pressure to respond to contracts quickly. There is no doubt the amount of contracts outweighs the number in your legal team.  With ContraxAware, your legal counsel can get into the system when they’re alerted or when they see a new task. There is no need for clunky file-sharing or time-consuming repeated email reminders. The ability to collaborate in a more timely and professional manner leaves the door open for other projects.  NDA management often involves several layers of departments. One department you want onboard when it comes to your content management systems is your IT department. Their knowledge and expertise are often underappreciated until a computer or network crises occur. By including them early in the integration of your new software, they can assist you better when you urgently need them. 

About ContraxAware