Non-Disclosure Agreements (NDAs), also commonly referred to as confidential disclosure agreements (CDAs) , can range from a minor annoyance to a major time sink for legal counsel and their teams, and are not without risk.

In a recent webinar, ContractWorks discussed why the risk these agreements carry is so significant, and explained how companies who are committing to non-disclosure, or those who are asking others to commit to non-disclosure terms, can utilize contract management software to make the sending, signing and tracking of NDAs/CDAs completely painless.

Here are a few areas covered, and expanded upon, in the webinar:

The most common NDA risks

  • Hidden obligations
  • Future legal risk
  • Transactional risk

The most common NDA risk factors

  • High Volume of NDAs
  • Signing other companies’ NDAs
  • Other side has leverage and your subordinate in the relationship

Commonly negotiated clauses

  • Right to assign
  • Non-solicitation
  • Choice of law
  • Indemnification
  • Entire Agreement clause

Process improvements (no software needed)

  • Single NDA point person
  • Centralized storage
  • Provide sales teams with pre-signed non-negotiable template
  • Standardize written guidelines
  • Review and reconsider how many NDAs are being signed and sent

What Can software do?

  • Further complicate the process

or

  • Save time
  • Help manage obligations
  • Mitigate risk
  • Navigate transactions without issues

For a full overview of how legal counsel can approach NDA’s with minimal risk view a recording of this webinar, and learn how a few simple features can help the legal department regain control of non-disclosure agreements.