Last updated on February 3rd, 2020 at 06:15 am
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.
Our leadership team brings more than 30 years of software development and business law experience to the table. This experience is invaluable for providing the structure you need for the best contract management possible.
ContraxAware offers contract management solutions for businesses of all sizes. From Fortune 500 companies to small start-ups, using our system is easy and affords you the peace-of-mind you need for success.
Pushback and roadblocks are an expected part of conducting business. Some are important points worthy of careful consideration, while others may just serve as stall tactics. Your and your legal counsel can easily determine what are red flags and what are not.
ContraxAware can’t determine the actions of another company. What it can do is prevent potential roadblocks from occurring within your own company. Don’t just take our word for it — try ContraxAware for free. Once you do, you’ll wonder how you ever worked without it.
Contract management and NDAs are essential to protecting your business. So get started on a more streamlined process and bypass internal roadblocks with ContraxAware. It’s easy to use, and we provide online training and support to guide you through the process.
A variety of subscription plans are available, and all of them help with streamlining NDA requirements. Treat your team to the tools they need for better contract management with ContraxAware.