Tag: NDA

NDA Automation: Get Better, Faster NDAs With the Help of Artificial Intelligence

Posted on April 1, 2021 by - Artificial Intelligence, Business Process Management

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.

The NDA FAQ: Ask These 6 Questions Before Signing that Nondisclosure Agreement

Posted on July 31, 2020 by - Artificial Intelligence, Contract Lifecycle Management

If you work in an office environment, chances are you’ve signed or sent a nondisclosure agreement (NDA) — perhaps without reading through all of the terms and conditions. On both sides of the equation, the importance of a well-written NDA is often overlooked. A poorly written agreement can lead to some gnarly (yet very avoidable) headaches, such as accidentally waiving your rights to sue for intellectual property infringement, costly indemnities or information leaks.

Before you pick up that pen, ask these questions about the important legal clauses in an NDA to understand your obligations of confidentiality and save yourself and/or your company future trouble.

Q: What is an NDA?

It’s important to first examine what a non-disclosure agreement is and is not. NDAs are used to protect sensitive information from being shared with others and to build trust between parties who have sensitive discussions. Without NDAs, any information shared can be taken advantage of or publicly disclosed, resulting in good ideas being stolen.

Q: What is the Purpose of the Agreement?

When you sign an NDA, you agree to share information for only a specific, stated purpose. This purpose needs to be thoroughly and clearly provided in the confidentiality agreement so that either party can easily identify incorrect usage of the information, if necessary, down the road. If the purpose(s) provided is vague, it can become a lot harder to prove or disprove that a party broke the terms of the NDA.

Q: What Information Falls under the Definition of Confidentiality?

NDAs are all about protecting confidential information, so it will be important for you and the other party to understand what kinds of information you both consider to be “confidential” and what information is excluded. State the type of information you want to protect or exclude from protection under this agreement (i.e., financial information, specific sets of data, unique processes, etc.) and include in your definition of confidentiality.

Q: What are the Remedies for Breach of Confidentiality?

The damage caused by breaching the agreement can vary by the kind of information involved and how serious the breach is. Equitable remedies — special legal help from a court — focus on preventing irreparable harm caused by the breach. It is important to state the kinds of equitable remedies you want to be able to access in case things go wrong, including specific performance, injunction and restitution.

Q: What is the Duration of Confidentiality?

Keeping a secret can be hard; keeping a secret for a long time can be even harder! This clause sets out the length of time you have to keep information confidential. It is important to know how long you need to protect information under this agreement so that you can set up business practices appropriately.

Q: What Happens When Confidential Discussions End?

What will you do with confidential information once discussions are over and the agreement has ended? What do you want the other person to do with your information? It is generally good practice to include in the agreement the obligation to return or destroy confidential information. The less information you hang onto, the less likely you are to accidentally disclose the information!

Being informed about the various legal clauses in an NDA empowers you to make smarter legal decisions now and in the future.

To learn about artificial intelligence helps you quickly draft, review, redline and edit all types of contract, visit here.