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.