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Each week, PactSafe will discuss and post about specific standardized agreements and how they can be turned into one-click contracts. Earlier this week, we covered Stock Option Grants. This week, we're focusing on Non Disclosure Agreements (NDAs): what it is, why its typically signing method isn't ideal, and how it can be turned into a one click contract on the PactSafe platform.
A one click contract is like any other contract, but it's presented in a way that allows the person signing it to do so by simply clicking on it. With very few exceptions, any contract can be signed with a single click on a website, from a phone, in an email - anywhere you meet your customers digitally, you can deliver a 1-click contract.
A non-disclosure agreement (NDA) outlines confidential material or information that the parties wish to share with one another, but also wish to restrict access to.
An NDA is signed by two or more companies, individuals or other entities that are considering doing business together.
NDAs are typically signed using traditional eSignature, where the agreement is delivered to a specific individual every time an NDA is required to be signed.
For the most part, companies will use a standardized NDAs across their business. Additionally, the receiving party is only being asked to provide their signature – no other details or information is being filled in as part of the signature process. A lot of time is wasted going through the manual process of sending individual eSignature envelopes, just to get a single signature on the agreement.
In the case of a mutual NDA, a company could simply pre-sign the agreement along with language noting its acceptance of the terms, and then only require “click-to-sign” acceptance from the receiving party. This standard NDA can be published and shared with any number of other companies or individuals for acceptance going forward.
Since there is no additional information being captured beyond acceptance, there is no need for the parties to go through the trouble of placing a signature field or attempting to draw their signature on screen. The terms can simply be read and accepted with the click of a button.
1-click contracts are absolutely binding. Also known as “clickwraps,” courts have enforced millions of contracts accepted by a single click. PactSafe’s platform was built to help ensure 1-click contracts are created in compliance with all the best practices established in 1000’s of court cases over the past 20+ years.
Learn about PactSafe's Contactless Contracting and Policy Kit