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Business people listening in meeting about NDA management process improvements

Last updated on February 3rd, 2020 at 05:54 am

NDA documents are among some of your most important contracts. Managing multiple NDAs can overwhelm even the most seasoned professional. The details of what they contain can vary depending upon their purpose, requiring a balancing act among different staff. First, take a look at our guide to creating a comprehensive NDA management system that utilizes the best aspects of our software. Then follow this quick guide to make sure your NDA management process can make your business grow. Creating an NDA management process that benefits your organization is less stressful and more transparent with the right software system. 

Utilize Existing Data Better

You most likely have a system in place that contains important data. Oftentimes, it is systems, plural, due to the varying projects and partnerships. Scattered information across different formats is dangerous for several reasons, such as:

  • Details are easily missed by the right people, like legal counsel.
  • One or more systems can crash, leaving part of your information lost, possibly forever.
  • Employee turnover forces the movement of files from one system to another.

A data migration specialist can transform your chaos into a new system that better streamlines your NDA management process. Migrating your spreadsheets into a contract software system like that of ContraxAware is possible with minimum guidance. Once you discover the ease of having your data in one place, you can spend more time building your company instead of protecting it.

Create Proactive Documents

Once you’ve built a successful business, you want to protect it. All it takes is one disgruntled employee or vendor to wreck what it took years to create. An NDA agreement is a proactive approach to protecting the confidential information that contributes to your success. 

Also Read  Get a Clear View into Your Contract Management in 2020

The leadership team of ContraxAware brings more than 30 years of business law experience to the table. That experience, along with more than 30 years of software development experience, results in templates that your legal counsel can appreciate.

Finding the right template for a particular partnership or project is easy using the built-in database in ContraxAware. Simply add the terms and conditions, include the duration of the agreement, as well as the consequences for violating the agreement. 

Specifying these key pieces of information is vital to a proactive approach now, rather than a reactive approach later

Collaborate

Team of contract analysts collaborating to create an NDA management process

The Merriam-Webster Dictionary defines collaboration as, “to work jointly with others or together, especially in an intellectual endeavor.”  Strong collaboration is essential across several departments when it comes to your NDAs. 

Having one source for your various departments to access, review, revise, and document important contracts saves enormous amounts of time. A contract management system streamlines your NDA process so that everyone involved is working literally off the same page. 

Collaboration reaches beyond your legal counsel, development team, and others within your company. Never overlook the value of your IT department when it comes to involvement with your contract management software. Their support is invaluable when you need it the most. 

Launch

Once your NDA agreement is ready to send to the appropriate contacts, you launch it and await their response. Their reply is where ContraxAware can take your contract process a step further with alerts and reminders.

A business contract has little value without a signature. Many NDA agreements require a signature in more than one location throughout the document. ContraxAware can alert you to incomplete information from the vendor or potential partner. It can also remind you of contracts that are about to expire or that are up for renewal. ContraxAware has your back when it comes to details you may overlook so that you never let a contract lapse again. 

Also Read  3 Tips for Streamlining NDA Requirements So They Stop Being Roadblocks

About ContraxAware

Contract management software is a worthy investment for stronger collaboration within your company. ContraxAware can help save your employees time and frustration by streamlining the contract management process. 

Don’t just take our word for it — try ContraxAware for free. Our friendly and professional staff stands ready to help your business explore the possibilities. From small business to Fortune 500 companies, ContraxAware has a subscription plan to fit your budget. 

Today’s business world isn’t slowing down. Contract management is a key component to ensuring that nothing slips through the cracks. This includes confidential information that your competitors might love to access for their own success.

Contract software systems like ContraxAware can help the ROI of your business by freeing time for other tasks. Managing contracts is important, but it’s just one of the multiple daily tasks your employees face each day. Not only can ContraxAware save time, but it can also lessen the load, resulting in less stress and better energy for growing your business. 

ContraxAware offers extensive support with each subscription plan. Once your program is up-and-running, you’ll wonder how you ever managed your NDAs without it. Don’t risk your confidential information by using a subpar system that lacks checks and balances. Learn more about how ContraxAware is a smart choice for ensuring your NDA management process is accurate and consistent. 

Take your business to the next level in the new decade by streamlining your NDA management with ContraxAware.

Post Author: Samantha D'Amelio

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