The Importance of Standardization in Contracting

Standardization of contracts is crucial for improving efficiency in the legal industry, particularly regarding nondisclosure agreements (NDAs). As the complexity and number of contracts increase, driven partly by technologies like generative AI, there is an urgent need for streamlined processes and common practices. A growing number of users have adopted the one NDA initiative, which advocates for a standardized approach to NDAs across various industries. This community-driven effort aims to ease the burden on lawyers and optimize the contracting process through collective agreement on what constitutes 'good' practices in contract drafting.