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
- Choice of law
- 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
- 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.