A non-disclosure agreement (NDA) is a type of legal contract which protects confidential information, proprietary information, intellectual property and sensitive information such as trade secrets, know-how and business plans which a disclosing party needs to reveal to a receiving party in order to serve a purpose such as a potential joint venture or the interview of a candidate. Despite being a simple agreement, confidentiality agreements take a lot of time to review because they come in all shapes and sizes depending on the industry and type of information being disclosed. Startups in particular often have to use the NDA supplied by the large organisation they are considering a project with which can take take and resources to process.
oneNDA is an open-source, standard-form NDA created by the legal community, for the legal community but also business more broadly. OneNDA is a standard NDA template which should not require amendments or negotiations by adopters of the OneNDA standard. A number of large organisations have joined the OneNDA standardisation movement to make it easier for businesses to enter into an NDA with them. The OneNDA can be tailored for mutual NDAs and one-way NDAs. The OneNDA has the appropriate confidentiality clauses to protect the confidential information of disclosers, in particular for the large organisations and law firms who have joined the initiative.
There are several reasons a large company may adopt OneNDA. Adopting OneNDA means that you are permitted to change the contract ‘variables’ such as the time period of the agreement and the type of NDA but you can't change anything in the body of the agreement, add any text or any branding. As a result, a large company may adopt OneNDA to make it easier for companies engaging with them as there should be no legal negotiation if the OneNDA is used. Adopting OneNDA publicly also shows that your business is forward thinking which in turn can attract business from like minded companies.
There are a number of large companies that have adopted OneNDA. The following companies based in the UK or operating globally have adopted OneNDA:
Whilst OneNDA is an attractive solution for NDAs, startups need to create other types of important contracts to grow their business including employment and consultancy contracts. Moreover, small businesses do not have access to legal teams to review or customise their legal documents which is why a contract management solution like Legislate can help startups create lawyer-approved contracts on no legal budget. Legislate leverages automation and knowledge graph technology to empower non-lawyers to create all their essential contracts and documents in one place.
Legislate is a contracting platform where business owners can create contracts to help grow and develop their business. Legislate's employment offer letters and contracts are key in protecting your IP and Legislate's NDAs are crucial to ensure you can have conversations and partnerships to help develop your business and brand. Book a demo or sign up today to put the confidence back into contracting.
What you need to protect your intellectual property rights