One of the most popular contracts in business is the non-disclosure agreement (NDA). NDAs are usually the most common contract types that a corporation will draft, negotiate, sign, and manage. For this reason alone, automating this contract might save several hundred hours each year, many of which would otherwise be spent by highly compensated in-house counsel or outside legal companies.

The NDA's objective is to allow secret information to be provided under conditions that prohibit it from being released more widely than necessary. NDAs, also known as confidential disclosure agreements or just confidentiality agreements, are frequent in businesses that are developing valuable products, proprietary methods , or valuable knowledge . However, any corporation that intends to display a product or share pricing may require an NDA in advance.

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Better management of NDAs, particularly through contract management automation, can undoubtedly contribute to efficiency, fewer hours, and lower costs.

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The NDA management process includes:

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• Creation and drafting
• Negotiation and collaboration
• Signing and approval
• Tracking and monitoring
• Renewal

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Many successful businesses recognize the value of using ONEDOCS for NDAs. Because of the enormous scale and complexity of conventional confidentiality agreements, using ONEDOCS software will save your company time and money when carrying out these critical transactions.

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