3 Things to Consider When Signing a Non-Disclosure Agreement By Onit August 11, 2020 Artificial Intelligence,Business Process Management,Contract Lifecycle Management 2 Minute Read Non-disclosure agreements (NDAs) establish a confidential relationship between parties who share sensitive information. A well-drafted NDA can protect sensitive information from being shared with others without your consent. Without NDAs, any information shared can be taken advantage of or publicly disclosed. Following are some tips when creating and/or signing an NDA to ensure that you protect your best interests: Q: What is the Scope of Confidentiality? Make sure the purpose of the agreement is clearly understood and defined. Consider what the permitted use of information is and how long you are expected to keep it secret. Otherwise, the other party could use your information for their own benefit, or you could be expected to keep the information private for years, etc. Q: What is the Definition of Confidentiality? It is important to specify the kinds of information you want to protect or exclude from protection under this agreement and make sure to include that in your definition of confidentiality. If you don’t get specific, your discussions may not be legally protected or you may risk accidentally breaching the agreement. Q: What Happens if There is a Breach of the Agreement? Pay attention to the consequences of breaching the agreement and avoid any extreme penalties, such as liquidated damages or indemnities. Otherwise you may be facing an expensive legal bill. Being informed empowers you to make smarter legal decisions now and in the future. Review your next NDA agreement with ReviewAI. Try out the Confidentiality Skillset to find core issues quickly when protecting your confidential information, and further your understanding and obligations of confidentiality. Today's Popular Resources Webinar Accelerate Time to Revenue with AI Contract Management Read More Infographic Enterprise Legal Report Infographic – UK Read More Case Study Transforming Service Delivery Case Study Read More Subscribe Today Sign up for updates on new posts from our blog. Related Readings Business Process Management The Need for Speed: 3 Ways Legal Can Elevate Efficiency Read More Enterprise Legal Management The Ultimate Guide For Legal Departments to Directly Influence Business Materiality, Growth and Efficiency Read More Enterprise Legal Management The ROI of Legal Operations: Measuring Success and Demonstrating Value with Legal KPIs Read More Thank you for subscribing!