Mutual and Unilateral
Nondisclosure Agreements

A mutual or unilateral nondisclosure agreement (NDA) protects confidential information that must be shared. Since these agreements are business world staples, most companies feel comfortable working from a template. Unfortunately, generic agreements may not fully cover your organization’s needs, thereby putting your confidential information at risk.

At LexCheck, we're leveraging artificial intelligence (AI) technology to redefine the practice of law—especially the management of standard contracts like nondisclosure agreements. Our AI-powered contract negotiation platform allows you to quickly review and negotiate your NDAs in strict compliance with your playbook—regardless of whether an NDA focuses on vendor relationships, requests for proposals, or any other relationship that has need of an NDA.

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Reasons to Use a Mutual or Unilateral Nondisclosure Agreement

There are two basic types of NDAs in use today. The unilateral nondisclosure agreement describes an agreement wherein proprietary information flows one way—from one party to the other. Another type of NDA, the mutual nondisclosure agreement, covers scenarios wherein confidential information is exchanged between parties. Typical relationships covered by NDAs include: 

Employment
Vendors
Investors
Partnerships
Requests for Proposals (RFPs)
The employment NDA protects confidential information encountered during standard job duties. It may also be requested as part of an interview process.  Vendors may need to access corporate systems or processes to complete tasks. NDAs ensure the protection of any confidential information they encounter.  Potential backers will require many details before making financial contributions. Current investors need regular updates. NDAs can cover both circumstances.  Partnerships may require a mutual nondisclosure if sensitive information is exchanged. If one partner has no confidential information to protect, a unilateral NDA might be sufficient.  Confidential projects often require aid from third party contractors. A standard RFP could include a provision that necessitates an NDA submission for consideration. 

These are some of the most common relationships attorneys encounter when reviewing NDAs, though the list is not exhaustive. Typically protected assets include: 

  • Product designs
  • Business strategies
  • Engineering processes
  • Manufacturing methods
  • Chemical formulations
  • Pricing information
  • Blueprints
  • Patent applications
  • Hardware configurations
  • Client lists
  • Marketing plans
  • Launch strategies
  • Software and proprietary code
  • Any nonpublic trade secrets
 

Unfortunately, nuance abounds, which templates cannot always accommodate. At LexCheck, we employ AI to review contracts in accordance with each client’s specific guidelines, thereby minimizing any risk and compliance issues.

How LexCheck’s AI Can Improve the Your NDA Negotiation Process

Many companies find that managing the sheer volume of mutual and unilateral nondisclosure agreements can present a significant challenge. They may negotiate hundreds, if not thousands, of NDAs in a given year. A single template is unable to accommodate the varied terms. And an error—like an ambiguous description of protected information or omission of a necessary recipient of that information—opens the organization to risk. How can they possibly comprehensively review all these NDAs in a timely fashion while still reviewing and negotiating other higher value contracts?

The answer is found in AI-enabled legal tools like LexCheck. Our platform provides the intelligence of a contract lawyer specializing in NDAs, just one of many different contract types in our arsenal, with the speed of modern technology.

The Process is Simple
  1. You submit your documents for review. 
  2. Our platform parses it, notes areas of concern, and provides accurate textual insertions and deletions that conform to your playbook.
  3. Two to three minutes later you receive the fully marked-up document, accept changes, and send it along to other parties.  

Our curated team of legal experts and AI linguistic researchers have developed an AI-powered contract negotiation platform that provides attorney-quality contract review and mark-up in minutes. Our easy onboarding process requires minimal samples and once you are fully onboarded you simply email the NDA to our platform and two to three minutes later the marked up version is emailed back to you in accordance with your guidelines.

Most contract management software stops well before basic redlining and does not actually correct errors. Our program has the required linguistic intelligence to add or delete text while maintaining the NDA's integrity. It also provides detailed suggestions based on the data of successful NDAs and shows you how to implement them in your agreements.

With our platform, you can review and negotiate NDAs for any relationship to protect all of your confidential information. We digitize the NDA review and negotiation process so your team can spend less time managing contracts and more time closing deals.

Solid Minority Handshake

To accelerate your mutual and unilateral nondisclosure agreement review and negotiation process, contact LexCheck. We have the technology and expertise to speed reviews while minimizing risk. To see our technology in action, request a demo
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