Non-disclosure agreements (NDAs) are some of the most commonly drafted agreements at any company. While they may be common, however, that doesn’t mean they’re unimportant – in fact, they’re critical to protecting a company’s business strategies and trade secrets.
Most companies use the same form NDA in almost every situation, changing only party names and the description of the confidential information involved, leaving the rest of the agreement to a series of standard terms. This means that, even though they’re important, NDAs are very repetitive and routine in terms of drafting.
Corporate legal departments have long been bogged down in routine contracts. Preparing NDAs can take up a significant amount of lawyers’ time, taking them away from other important work that can bring more value to the organization.
The routine nature of NDAs makes them a prime candidate for contract artificial intelligence. With the combination of AI and contracts, business users can engage in risk-free self-service to review and redline NDAs in less than two minutes. This frees up your legal staff to focus on higher-value work that helps support and grow the business.
Contract AI for NDAs and NDA Automation
AI is changing the game when it comes to routine contracts like NDAs. With AI, you can increase the speed of contract preparation and review while at the same time reducing your risk.
Onit’s ReviewAI software employs AI to quickly and accurately draft, review, redline, and edit all types of contracts, including NDAs, in a matter of minutes. ReviewAI isn’t just for those with legal training – non-legal business users can use ReviewAI to receive reviewed, redlined, and approved NDAs via email or a self-service portal in less than two minutes. This self-service option removes a huge burden from legal’s shoulders, freeing up valuable time for more complex legal matters.
For lawyers and contract professionals working on NDAs, ReviewAI offers a Word add-in that offers more hands-on functionality. The add-in automatically drafts, reviews, redlines and edits your NDAs against corporate standards. You’ve likely invested time in crafting standardized language for your NDAs and defining exactly what constitutes confidential information and how it’s to be treated. ReviewAI will learn those terms and customize them based on user feedback, making your NDA applicable to whatever scenario you’re addressing at a given moment.
ReviewAI is a game-changer because it contains NDA automation. The software empowers legal departments to review contracts 60-70% faster. It also leads to a 51.5% increase in user productivity, which is critical for making the most of your resources at a time when legal departments are under increased pressure to do more with less. With Review AI, it takes two minutes or less to review and redline a contract and also offers:
- Contract summaries that identify a risk profile, issues, and recommendations after contract review
- AI-assisted contract redlining that automatically generates track changes and commentary in either Word or PDF
- Contract review templates for customizing contract review and ensuring corporate standards are being met
- Automated alerts that use contract review templates to automatically flag key contract issues and suggest proper edits
- Customizable clause library where you can create unique company clauses or leverage over 2,600 clauses created by legal experts
- Enhanced navigation that helps you quickly jump to key legal concepts, clauses, and terms
- Seamless integration with Onit’s Contract Lifecycle Management solution or third-party CLM tools
ReviewAI handles the entire pre-signature phase for NDAs. This dramatically reduces your contract lead time while decreasing your legal costs.
NDAs Made Simple
NDAs and other routine, repetitive contracts shouldn’t take attorney time and focus away from higher-value legal work. Tools that combine AI and contracts to produce NDA automation take these time-consuming tasks off your lawyers’ plates and also empower your business users to engage in self-service without increasing risk.
Contact Onit today to learn more about how ReviewAI can help with NDAs and other routine contracts.