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A non-disclosure agreement (NDA) is a legally binding contract that establishes a framework to start a confidential relationship between two parties sharing sensitive business information.
Non-disclosure agreements are known by other names such as:
NDA’s are quite commonly used by businesses to share sensitive information without the fear that the information will end up in the hands of a competitor or a third party.
Where there are two businesses exploring the possibility of partnering together. As part of this relationship, each party may disclose information about its business operations with the other party. In such arrangements, both parties mutually agree not to disclose the other party’s sensitive information.
In this scenario, only one party discloses confidential information and expects the other party to maintain confidentiality and protect the information shared.
There could also be a Multilateral NDA where more than two parties agree to entering a business relationship and maintain confidentiality of the information shared by the other parties.
The purpose of an NDA is to have a transparent framework for sharing, accessing, processing and protecting confidential information. Here are the key topics for consideration
NDA’s are usually executed at the beginning of a business relationship and can be for a variety of transactions with internal and external stakeholders. Some common examples could include:
Using Scribe Zero CLM, you can automate your standardized NDAs process up to 75% helping you save valuable time and money of your legal specialists so they can work the important stuff.
Starting an All-Access trial account which gives you access to our entire CLM including our Contract Marketplace. And create the NDA in 3 simple steps
Commitment free for 14 days. While you're at it, make sure to test the platform to see what features help and we can then discuss plans and pricing.
Click below to download the template for free. No questions asked.
oneNDA is a crowd-sourced, open-source non disclosure agreement that has been created by the legal community. And it’s entirely free to use. Download here or use the readymade agreement on Scribe Zero.
Scribe Zero is a digital contract lifecycle management (CLM) platform which helps organisations with all aspects of digital contracting. We are harnessing the power of machine learning and AI to secure and enhance our customers' experiences. Our CLM platform helps customers to improve their speed of contracting without compromising on their compliance requirements. Whether that's a Sales agreement, an employment contract, a licensing agreement or an NDA, the Scribe Zero CLM has been built to improve collaboration, extract critical insights from documents and route tasks to the right people at the right time.
