A Master Service Agreement is a contract that establishes the terms and conditions that govern cooperation between parties. It can be very complicated, but automation makes MSA-related processes fast and simple, regardless of complexity.
MSA automation uses AI-based technology to draft, approve, execute, review, and track MSAs.
A person prepares the document by answering simple questions. The answers are then inserted into a pre-approved, compliant template. Once all data is filled in, the document is sent to the counterparty to e-sign. And voila!
Thanks to automation, creating a fully compliant NDA takes less than 60 seconds instead of 30 minutes. All critical stages of an NDA’s lifecycle are automated, eliminating unnecessary reviews and slow approvals while saving 99% of time.
An NDA is a simple document, but it demands a lot of time and attention from lawyers, preventing them from focusing on high-impact work. Automation frees up Legal from constantly having to take part in creating simple documents.
There’s a 1-10-100 data entry rule that states checking accuracy at the point of entry costs $1, fixing mistakes costs $10, and uncorrected errors cost the company $100 or more. Simple documents are often prepared quickly, frequently at the expense of checking. With automated workflows, you can get mistake-free templates in minutes without the risk of manual error.
When legal review occurs, it can take a whole day, if not more. On the one hand, it reduces the risk of error, but on the other hand, it can lead to delays and a poor customer experience. By automating preparation, other departments can take responsibility for simple paperwork, increasing speed and client satisfaction.
How you can tell when your NDA workflow needs improvement
Legal should focus on the company’s legal affairs, not on paperwork that can be done without their involvement.
Exchanging documents manually can create too many versions of the same document. If you’re not careful, you may find yourself flooded. This runs the risk of providing the wrong terms and conditions to clients.
Manual approaches to getting NDAs completed and signed require significant time and effort. This can cause delays, poor client experiences, and potential revenue losses.
Entering data manually is time-consuming and prone to mistakes. Typos suck, but if a manager misses one in an important clause, the situation can get much worse.
When templates are scattered everywhere, it’s almost impossible to find them. Not to mention, you can never be sure it’s the most recent version.
See how your NDA automated workflow can look like
Our demo takes an average of 57 seconds and you will receive a perfect NDA. That’s how fast you can draft all your documents, too
A block mentioning that here at AXDRAFT we do all the automation for you and you can skip the prep, but this will help whatever software you decide to go with
This will guarantee that clauses are standardized. If you’re working with multiple companies or industries, you can adjust identical clauses all at once.
Documents are rarely the exact same. Signing parties, companies, and applicable laws or regulations frequently change. Clients may make specific requests or represent several companies. The NDA could be unilateral or bilateral. But it’s primarily the counterparty’s data that changes.
We recommend setting up the process in such a way that it requires minimal lawyer involvement. The user should be able to simply generate the NDA and send it to the counterparty. Automation allows you to delegate such responsibilities to other departments without risk.
There are some cases when a lawyer may need to be contacted. For example, a client may have comments or questions they want answered before signing. In this situation, the NDA goes to a lawyer. After some discussion and clarification, the client proposes changes. If both parties agree, the NDA is then signed.
By maintaining a clause library, you can easily swap clauses in the document in just a few clicks. This helps you review documents faster while ensuring compliance.
Prepared poorly, even simple contracts can significantly harm your company. This guide will highlight what you need to know and how to avoid common mistakes.
Essential features to look for in NDA automation software
Self-service is an indispensable feature for standardized contracts. This allows non-legal teams to generate NDAs in less than a minute thanks to pre-approved templates. It also frees legal teams from having to get involved.
Easily accessible templates eliminate the need to create an account to review and sign contracts. This also allows your clients to easily input information for the NDA on their own.
e-Signatures enable you to sign documents from anywhere. Signing NDAs electronically greatly speeds up the process.
By storing all your files in one designated location, you guarantee they’ll be easy to find and close to hand. It also helps ensure you’re always using the latest version.
Tech isn’t helping anyone if it’s not easy to use. The best option is something that both legal and non-legal departments can quickly learn. Generating a new document should take minutes.
FREQUENTLY ASKED QUESTIONS
A non-disclosure agreement, also known as an NDA, is a binding contract between two or more parties. The purpose of this contract is to prevent sensitive information from being shared. Breaking an NDA can trigger numerous legal consequences, such as lawsuits, fines, and (in some cases) criminal charges.
The purpose of a confidentiality agreement is to potent new business products and ideas. An NDA is arguably the most common form of a confidentiality agreement. Most agreements name the parties involved, the subjects that must remain confidential, the duration, and the obligations. There are often exclusions built into confidentiality agreements, such as knowledge that’s publicly available or easily learned outside the company.
An NDA in the context of manufacturing functions the same as any other NDA. However, in the case of manufacturing, NDAs are usually signed between a manufacturer and a business or individual. This prevents the manufacturer from publicly revealing any trade secrets or sensitive information.
An NDA in the context of web development functions the same as any other NDA. However, in the case of web development, companies need to take steps to safeguard their intellectual property. This is because the development process may require trade secrets or non-public knowledge to be shared with the developer in order to properly build the website.
Get the most out of your contract lifecycle
Here’s how much AXDRAFT CLM helps you save annually on each 1,200 contracts you process
$28,3K + contract value
Speed up your business with automation
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A Statement of Work is a legally binding document that defines a project’s work management aspects that provides an overview of the project management scope.
A non-disclosure agreement is a legal contract or part of a contract between at least two parties that outlines confidential material
The MSA governs relations between parties, it outlines all activities and responsibilities. Managed efficiently it makes negotiations simpler and establishes an effective system for accomplishing mutual goals.
Axdraft is very easy to use and produces documents quickly. It is entirely customizable, and customer support is extremely responsive. In our case it allows attorneys to be more productive and less reliant on the availability of a legal assistant to draft estate planning documents and probate pleadings and related documents.
Help your teams focus on what really matters. Automating NDAs saves business and legal departments from spending considerable time on routine busywork.
Shift your contract management into high gear