Contractbook Launches The OneMinuteNDA To Democratize the Standardization Movement
Earlier this year, a group of visionary legal professionals launched the oneNDA movement to standardize the use of non-disclosure agreements globally. The movement has been a tremendous success with companies like Coca Coca, PWC, Barclays and Linklaters all adopting the same identical NDA template.
By using the same template, these businesses can save time and money on drafting, reviewing and agreeing on NDA’s. It has proven to be a no-brainer that reduces bureaucratic legal work, improve business relationships and makes everyone’s lives easier.
To further democratize this standardization movement, we have launched an easy, intuitive, and free contract automation tool that enables any one to auto-generate a oneNDA ready for signature in less than 60 seconds.
”oneNDA is an amazing case of legal innovation. In Contractbook, we share the vision for a simple, accessible legal, and we strongly support the case for standardization. Up until now, the idea has mostly been adopted by law firms and larger enterprises. With our tool, we hope to democratize the movement even more by offering a free, automated version that anybody can use – regardless of company size or education level. Our aim was to make the easiest possible solution and I think we’ve succeeded,” says CEO in Contractbook, Niels Martin Brøchner.
The tool is really simple. You enter a few details through a simple questionnaire and based on those answers, a oneNDA is generated – ready for signature. The whole process takes less than a minute and since the document is standardized very little reviewing is needed.
This is legal tech at its best - a cheap, balanced and well-functioning solution that makes anyone more at ease with legal matters.
The Standardization Movement
There is happening a lot in legal innovation at the moment. The legal design movement is making legal documents more intuitive and easier to understand by using design thinking. The access to justice movement is promoting initiatives to increase people’s legal protection and make legal work cheaper, less opaque and well… Accessible. The legal tech movement is inventing new ways of managing legal work that makes it cheaper, faster and more reliable - for professionals and normal consumers. And on the topic of consumers, the customer-centricity movement is forcing a very traditional industry to re-invent itself and offer new, more user- and consumer friendly services.
But there is also another important movement that follows in the slipstreams of all these interesting movements: The Standardization Movement.
oneNDA is most likely the most prominent pioneer of this movement. They have “created a crowd-sourced, open-source standard NDA that companies can adopt as their own,” as they write on their website. The NDA is the most low-risk agreement of them all, but it is also one of the more freqent. They found that 63 % of all the contracts they reviewed were NDAs but that it only accounted for 7 % of their revenue. As they note: The sheer volume of contracts that we were processing and the cost, time and effort involved in this was clearly disproportionate to the value they were adding.”
Such a low-complexity/high frequency contract is ideal for broad standardization because it makes it faster, easier and in the end, cheaper, to draft new contracts. But it also simplifies the review process and increases trust between the parties.
“It’s a no brainer,” as they state on their website. “No more battle of the forms and no more negotiating terms that are not market standard or add little to no value.” With this tool in hand, businesses are able to get to the commercial deal quicker.
Contractbook's vision that anyone should feel empowered when dealing with contracts. The Standardization movement and the oneNDA project supports this mission, so we are truly happy to be able to contribute.
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