Nondisclosure agreements (NDAs) are a collaborative effort among sales and operations teams and legal departments. In-house lawyers negotiate, draft, and manage NDAs which protect confidential company property and information. Over time, these internal NDAs and those with third parties can pile up and legal departments may be swamped with rote work. Your legal team can spend their precious time more effectively by chalking up an NDA management strategy from the get-go.
When high volumes of NDAs pile on, they turn into a risk for your business. Generally, NDAs aren’t always drafted, processed, managed, or stored in an ideal way. With an NDA management strategy, you can organize NDAs and get back your time!
Legal tech has evolved to offer NDA management solutions for your legal department. By automating NDA processes, you hand over the drafting and review to systems that are 100% efficient without any human error. There’s nothing better for NDA creation and management. According to JD Supra, with automation, 44% of executed self-service NDAs can be completed within an hour! There are several advantages to automating, but in this post, we share the steps on how to manage NDAs.
Creating standardized templates ahead of time cuts back on creation. The great thing about creating customized templates is that it’ll work best for your legal department’s needs.
By automating NDAs, you have a host of legal tech to integrate into your NDA processes. E-signature tools speed up processes by storing signatures from individuals within your organization. NDAs are signed by the right person, every time.
An article by the ABA notes that it’s a good idea to set up a folder on a server or cloud storage. The article also recommends that all individuals store documents pertaining to the NDA on that location and not on their personal storage devices.
Manage your NDAs before they snowball and become that dreaded mountain. Processing them on the spot with our ways to manage NDAs gives you your time back and keeps NDAs under control.
Not ready to manage NDAs alone? Get NDA solutions from drafting to review and more from our NDA experts. We take care of contracts and NDAs from drafting all the way to management to make your life easier.