Last updated on May 9th, 2020 at 08:54 am
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- It may contain outdated software components that limit integration and prohibit collaborative use.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.
Do you want to Win at Contract Management? Schedule Live 1 on 1 Demo.
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.
We understand that life and business are busy. That’s why we provide online support, and we are just a phone call away should you need assistance. Our online training provides the tips and tools your employees need for stress-free training and implementation.
There are a variety of subscription plans for your choosing. The friendly and professional team at ContraxAware can help you select the right one for your business needs. You can even try the cloud-based software program for free.
Take your contract management system from chaos to calm with ContraxAware. Your business relationships and projects are vital components for the success and growth of your business. Don’t risk losing a deal or potential partner due to outdated software.
Sharing proprietary information is risky. So are financial matters involving mergers or investors. Data can easily become leaked, either intentionally or accidentally. Once your confidential information becomes public, you stand a great chance of significant harm to your business. Prevent potential disaster with stronger, faster NDA management.
NDAs are often unique due to the nature of their content. In fact, in the case of a subpoena, the person called to testify may have to share the information under court order. While you can’t control some aspects of an NDA, you can control the terms, conditions, and possible penalties by using ContraxAware to streamline the process. If this sounds like a game-changer for your business, contact us. We are happy to discuss how our features can help your business thrive throughout the next decade. Protect your business by investing in a contract management system that performs as a collaborative tool your business needs.