In a great example of vendor collaboration, Neota Logic and LawGeex have paired up to offer clients an automated third party NDA approval process in a move that is expected to be widened to cover a number of different contractual scenarios.
The integration developed out of work that Neota is doing for one of the top five property and casualty insurance corporations in the US, helping them to automate the NDA creation process using standard templates and DocuSign for e-signatures. When it came to third parties that insisted on using their own NDAs, the process would again become manual and laborious, with the third party uploading their NDA to be emailed for manual review.
Speaking to Legal IT Insider, Neota’s director of business development, Mark Surico said: “This is a pretty common situation. We often get clients asking what happens in that situation and the answer was that our systems covers the drafting of your documents but not third party paper. What the client decided to do in this situation was to find a company that does do that, and that is LawGeex.”
Through the integration with LawGeex, clients can now automatically send their NDA to be reviewed against stipulated terms or standards, with the red lined agreement returned for review, approval and execution.
Surico says: “Now when a third party says ‘I want to upload my own NDA’ instead of going to a legal reviewer for manual review, it goes directly to LawGeex and they provide automatic feedback, providing a whole solution for the NDA review process.”
He adds: “The feedback has been great – it kind of fell in our lap where the client had a need for both things and that’s led to us forming a partnership. We’ve met with the people from LawGeex and had a good conversation about the possibilities and future upgrades to save time for reviewers. Neota can pick up the workflow and LawGeex do what they do best, the reviewing – having them interconnected and talking to each other is where you really see the value.”
For companies that see a lot of third party NDAs this could be a major time saver and Surico says: “This is low hanging fruit for them: NDAs cause a lot of headaches and being able to automate this process is an easy win, enabling them to focus on more complex work.”