Solution

How to audit the confidentiality terms of your non-disclosure agreements?

Non-disclosure agreements create a framework for businesses to share confidential information with each other. NDAs are valid during the confidentiality term which means that information disclosed outside of this time period is no longer protected by the NDA. It is therefore important to keep track of the confidentiality terms across your business' NDAs to ensure that confidential information is always protected when disclosed to recipients.

What is the confidentiality term of a non-disclosure agreement?

A non-disclosure agreement will have a start date and a confidentiality term. The end date or expiry date of the NDA corresponds to the day the confidentiality provisions expire. The expiry date corresponds to the duration of the confidentiality term from the start date. A confidentiality term can be as short as a couple of months to being indefinite. However, the confidentiality term will be tailored to the nature of the discloser� industry and the confidential information being disclosed.

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What are the challenges with tracking the confidentiality terms of non-disclosure agreements?

Confidentiality terms in a non-disclosure agreement are difficult to track because they need to be treated in conjunction with effective dates which are not always explicit. Moreover, NDAs are typically signed and filed in a shared drive with no easy access or built in tracking capabilities. One key problem which can occur when you don't track confidentiality terms is that you may not be protected by the NDA when disclosing confidential information. As a result it is crucial to track the key dates and confidentiality terms across all your organisation's NDAs.

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How Vault automates the tracking of NDA confidentiality terms with AI?

Vault is a document data extraction tool which is able to detect confidentiality terms and understand the differences between start and end dates. Vault is also able to detect a broad range of key information from your NDA such as the effective date, jurisdiction and purpose of the NDA. To get started with Vault, simply upload your NDAs and it will automatically extract its key terms! See below for yourself!

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Introduction

This non disclosure agreement is entered into on Friday, 10 November 2023 between:

EFG Limited , 9827457295 , 32 Hoxton Street, N1 6PJ London England (Owner) and ABC Limited , 12345567234 , WeWork Hoxton Gorsuch Place, E2 8JF London England (Recipient).

The Owner acknowledges the Recipient may receive information regarding the Owner’s business, practices, or other properties that may be considered confidential. Therefore, the Parties are in agreement to the following terms and conditions of this agreement.

Eget quis mi enim, leo lacinia pharetra, semper. Eget in volutpat mollis at volutpat lectus velit, sed auctor. Porttitor fames arcu quis fusce augue enim. Quis at habitant diam at. Suscipit tristique risus, at donec. In turpis vel et quam imperdiet. Ipsum molestie aliquet sodales id est ac volutpat.

Confidentiality

For the term of this non disclosure agreement, any information the Recipient may come into contact with that is not public knowledge and is made only available through contact with the Owner shall be deemed as confidential information.This includes any information in regards to vendors, pricing, product, technology, software, or product.

The Recipient should use common judgment when deciding if information is confidential and above all else shall request approval from the Owner prior to the release of any questionable information.

Confidentiality Protection

The Recipient understands that the information deemed confidential is of value to the Owner and shall hold all information at the same level of confidentiality as personal information is held.

The Recipient agrees to hold all confidential information made available to standard non disclosure terms and will not make said information available or disclose said information to third party vendors or individuals without the Owner's prior written consent.

The Recipient shall under no circumstances modify or copy confidential information that is made available to them.

Purpose
To explore a potential partnership arrangement
Effective Date
18-Aug-21
Confidentiality Term
3 years
Purpose
To explore a potential partnership arrangement
Effective Date
18-Aug-21
Confidentiality Term
3 years

Introduction

This non disclosure agreement is entered into on Friday, 10 November 2023 between:

EFG Limited , 9827457295 , 32 Hoxton Street, N1 6PJ London England (Owner) and ABC Limited , 12345567234 , WeWork Hoxton Gorsuch Place, E2 8JF London England (Recipient).

The Owner acknowledges the Recipient may receive information regarding the Owner’s business, practices, or other properties that may be considered confidential. Therefore, the Parties are in agreement to the following terms and conditions of this agreement.

Eget quis mi enim, leo lacinia pharetra, semper. Eget in volutpat mollis at volutpat lectus velit, sed auctor. Porttitor fames arcu quis fusce augue enim. Quis at habitant diam at. Suscipit tristique risus, at donec. In turpis vel et quam imperdiet. Ipsum molestie aliquet sodales id est ac volutpat.

Confidentiality

For the term of this non disclosure agreement, any information the Recipient may come into contact with that is not public knowledge and is made only available through contact with the Owner shall be deemed as confidential information.This includes any information in regards to vendors, pricing, product, technology, software, or product.

The Recipient should use common judgment when deciding if information is confidential and above all else shall request approval from the Owner prior to the release of any questionable information.

Confidentiality Protection

The Recipient understands that the information deemed confidential is of value to the Owner and shall hold all information at the same level of confidentiality as personal information is held.

The Recipient agrees to hold all confidential information made available to standard non disclosure terms and will not make said information available or disclose said information to third party vendors or individuals without the Owner's prior written consent.

The Recipient shall under no circumstances modify or copy confidential information that is made available to them.

Purpose
To explore a potential partnership arrangement
Effective Date
18-Aug-21
Confidentiality Term
3 years
Purpose
To explore a potential partnership arrangement
Effective Date
18-Aug-21
Confidentiality Term
3 years

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To see how Vault performs on your use document data extraction use case, book a demo with a member of our team using the following form.

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