Unfortunately, many businesses have a never-ending struggle with managing NDAs. Collecting NDAs from all areas of business is just one example. Another is the challenge of following a single process for requesting NDAs – regardless of signer role. The list goes on endlessly, but you get the point.
Businesses need a tool that provides the ability to build custom components and execute NDAs tailored to different business needs for employees, vendors, contractors, and clients. The tool should also be human-centric and easy to use, allowing users to manage all NDAs in one secure place.
We’ve assembled a quick-start list of the top 10 benefits you should look for when in the market for a NDA management tool:
The best NDA management tools can generate an NDA for the requester using your standard terms. Where conditions warrant, the NDA will be escalated for legal review prior to delivery to the requester.
2. Policy Compliance
An NDA tool will make sure that your NDAs are being handled properly. When they need legal review, they will get reviewed. If they need executive approval, they will be approved. And most importantly the process is self-documenting and always auditable.
3. Variable Workflow
The workflow process can be altered, reviewed and approved by all the participants. New approvers can be quickly added without slowing down the process.
4. NDA Lifecycle
NDAs can be managed throughout their entire lifecycle, including renewal dates, termination notice periods and non-standard terms.
5. Electronic Signatures
The tool should support electronic signatures and integrations with all vendors such as EchoSign and DocuSign.
6. Faster Execution
Your NDA will be approved faster and you’ll have more visibility into the process. Cutting-edge NDA tools support the entire process – creation, approval, negotiation and final execution.
7. Warnings Notification
Clauses that need special attention in the NDA can be flagged in the tool. Users will see a warning when they open it for review.
8. Document Retention
All of your documents are stored in a central location so you can access any document at any time. The tool will notify all of the participants when a NDA is signed and automatically close the request.
9. Dashboard Views
Quickly see a snapshot view of the status of all NDA requests. Reporting and metrics gathering is easy within a special dashboard view.
10. Simple, Intuitive, Affordable
The finest NDA tools are also surprisingly affordable, intuitive, easy to use, and learn. There is virtually no training to get started.
True, NDAs used to be a major headache, but with the technology available now they no longer have to be. Stop wasting valuable time with manual processes and don’t be caught on the sidelines when it comes to properly managing your NDAs. Take the leap and look into streamlining your NDA management process once and for all – your team will thank you for it.