Interested in learning more about non-disclosure agreements? Explore our comprehensive guide to NDAs and why outsourcing your NDAs is the ideal option
What Is an NDA?
A non-disclosure agreement, or NDA, is a legally binding contract important in business operations to establish a confidential relationship between the parties that engage in business deals and interactions. Parties that agree to the provisions in the NDA and sign the document consent to protect the sensitive information (e.g., trade secrets, strategies, new products, financial information and other proprietary information, etc.) they receive by not making it available to other unauthorized individuals and entities (e.g., competitors, clients, etc.).
Depending on the business relationship between the parties, there are different types of NDAs (e.g., unilateral NDA, mutual NDA, etc.). A two-way or mutual non-disclosure agreement is important where both parties may share information with each other. If there is a breach of contract, such as when one party is found to disclose confidential information covered by the NDA agreement that is not public knowledge, the other party can seek legal action against the disclosing party.
In this article, we answer some FAQs about, and share the benefits of, outsourcing NDAs.
Is It Normal to Outsource NDAs?
Companies routinely handle vast volumes of NDAs and require quick turnaround times. They often need to have a dedicated legal team to manage preparing, reviewing, and facilitating NDA negotiations. Some companies may use third-party services or external law firms like Sterlington.
Yes, it is common practice for companies to outsource this part of business operations to professionals who specialize in reviewing such contracts and negotiations. The company needs to do its due diligence in ensuring that the entity it hires to manage its contracts upholds the highest ethical standards. Because the service provider will be handling sensitive agreements, having a good track record and a level of trustworthiness, as evidenced in their reputation in the industry, can help maintain the integrity of the process and information shared.
The Benefits of Outsourcing NDAs
Outsourcing NDAs is beneficial, especially for companies that execute NDAs as a recurring part of their operations. Hiring a reputable and reliable legal provider, such as Sterlington, to review your legal documents such as NDAs and negotiate for you frees up your internal legal team, facilitates quicker turnaround, provides specialized and expert legal assistance, generates reports in real-time, and proves to be cost-effective in the long run.
Free Up Your Internal Team
Bottlenecks in operations sometimes happen at the level of contract management, especially for companies that routinely handle volumes of NDAs in their day-to-day work. Your internal legal team may be overloaded with NDAs to review and negotiate and therefore experience backlogs. By delegating this task to an external legal provider like Sterlington, your in-house team can regain the bandwidth and time to focus their attention on more complex internal matters for the company.
Quicker Turnarounds
Reviewing and negotiating NDAs may be a tedious process and thus takes significant time away from your in-house team, who may have more significant matters to attend to. Hiring a trusted third party to manage your contracts can significantly cut down the time needed for this routine task to be accomplished. At Sterlington, we have a dedicated roster of high-caliber attorneys who specialize in contract management and operate a streamlined process, making workflow faster and more efficient. We are fast and efficient in the way we work, but we do not compromise on quality or expertise.
Expert Resources
At Sterlington, we have seasoned legal professionals with a wealth of specialized knowledge, years of diverse experience, and in-depth industry insights to provide your company with top-tier contract management services and legal advice. We take pride in our legal experts, who are dedicated to going through meticulous analysis and balanced negotiation, and we are confident in their ability to bolster your company’s strategic business goals.
Real-Time Reporting
We at Sterlington acknowledge how efficiency and accuracy are valuable in terms of data management, especially at a time when businesses’ growth relies heavily on hard quantitative evidence. We offer seamless tracking and real-time reporting of NDA reviews. Through transparent progress and status reporting, your company can generate data-driven insights that are helpful in making business decisions that are aligned with the company’s small and big-picture goals.
Cost-Effective Pricing
By leveraging the expert service of third-party legal professionals in providing comprehensive NDA reviews, your company can have access to cost-effective, fixed-price models.
Seamlessly Manage Every NDA With Sterlington
Reviewing and negotiating non-disclosure agreements (NDAs) is a significant part of business operations but is often meticulous and time-consuming. Outsourcing contract management is an excellent solution to your NDA processing needs. Let our contract management experts at Sterlington handle your NDAs so you can concentrate on your business.
For more information, contact Adil Hirani, Director of Business Development at adil.hirani@sterlingtonlaw.com.
