A brief explanation of why we do not sign Non-Disclosure Agreements (NDAs)
Every now and then, potential customers usually want us to sign a non-disclosure agreement before they can share their information with us.
UNFORTUNATELY, WE DO NOT SIGN NON-DISCLOSURE AGREEMENTS WITH POTENTIAL CUSTOMERS.
Before you raise an eyebrow or two, kindly please allow us to explain:
We honestly cannot keep track of the obligations even if we were to sign all the NDAs for all those who submit a form(s) on our website, exchange an email with us, and over a telephone call. Over the years we have done over 6,000+ calls and 1,000s of form submissions. If we were to sign an NDA, it would be impossible for us to keep track and keep ourselves aligned (i.e in legal compliance) with all the agreements we would be a signatory to.
The information you provide is forwarded to banks and other financial institutions (we usually obfuscate any personally identifiable information about the company &/or the person submitting the form). With an NDA in place, we cannot have this freedom. We would have to ask you each time, which would mean, pre-hand disclosing names of entities we protect and only reveal after a referral agreement has been signed. Furthermore, how the information will be shared further by the party we disclose to, after taking your permission, is something we have no control over.
An NDA in most cases would require us to segregate information that is deemed confidential or not, train our entire team on this, that again would be a Herculean task if we had to sign an NDA with everyone.
We try to ensure that anything that would be deemed confidential (tech, flow of funds, partnerships and financials) are not shared with non-licensed/non-financial providers. In fact so much so, we go the extra-length to tell you, not to share anything confidential with us.
Jurisdiction-wise we would be in a nightmare, as everyone would contest any violation of the NDA in their appropriated jurisdiction. We cannot sign up for that.
Time-wise, we would have to read each and every NDA, go back and forth over clauses, involve the attorney for even minor updates/edits, etc. all of which costs time and money – two luxuries we don’t have.
Deletion of information. An NDA also forces us to ‘delete’ (i.e. remove, destroy, return back) information, which we cannot do, or is not possible with 100% certainty in this day and age of digital backups, data retention laws, data retention and storage policies, caches, off-site backups, etc. Which law takes precedence? The data retention laws of my geographic area? or that where the data resides? or that were the company is incorporated? or that of the NDA?
Our whole efforts is to find a suitable solution provider that would best fit your needs, and NDA represents a huge obstacle with restricted elbow-room.
If not signing an NDA is a deal-breaker, in light of the above explanation, we would request you to kindly reconsider. We are always happy to take a call to explain further if you would like to speak. Click here to schedule a call.
This page was last updated on November 16, 2020.