NDA Related Issues
NDA stands for Non-Disclosure Agreement and gags the participants from disclosing information that is deemed private and/or sensitive. I have written on this matter before at length. (Link Below) However today I am going to talk about some of the problems that might arise regarding the NDA Document and Legal Agreement. Frankly, aside from the final rate you get, this NDA, may be the MOST IMPORTANT agreement in the whole Exchange Process. I am going to just list some different points for you to consider.
Negotiating the NDA
It is my understanding that like the rates, you can Negotiate the NDA terms as well. In Example: If there is some sort of "Claw Back" provision in the agreement, cross it out and have the bank agree to the changes in a "legal manor." I think that it may be by both parties initialing the changes, but I am not certain of that. Be sure the changes are LEGAL and binding. It is also my understanding that the Claw Back does NOT help the bank either. If I understand it right, the claw back freezes your account both from your use and the bank's use as well. So, if that is the case, they will be happy to get rid of that clause as well. Again, I am not 100% sure on these matters, so you should ask questions and be clear and certain yourself before you proceed.
Versions of the NDA
It is also my understanding that there are different "Levels" on NDAs that apply to different rates and terms. It is said that for the street rate (Screen Rate) no NDA will be required and that at higher "Negotiated Rates" it will require more strict NDAs, and at the highest levels, with the highest interest rates, you may have a very strict NDA.
Expiration Dates For the NDA
You have to realize that the NDAs are in play for different reasons. The least restrictive NDA, which may include such things as not telling anyone about the Exchange centers and their locations, and possibly including the general terms of your exchange process, may only be in effect for 6 months or a couple of years. That means that they run out of power and after that you can talk about it all you want. In Example: Once the Exchange centers shut down, their locations are no longer important, they don't have to be kept secret anymore.
However, NDAs that are used for the higher rates and interest plans, may be in force for 10-20 years or more. Those type "Secrets" are meant to be kept from public knowledge as long as possible. I remember hearing Yosef say that he will have a 20 page NDA and it might be for 50 years, although and I not sure of his time limit. Of course, Yosef has some very important sources and knows some VERY SECRET information they don't want anyone to know, EVER! I understand our NDAs will be from a couple of pages to as many as 8 pages. However, it is NOT how long an NDA is, it is what it says.
Possible NDA Reading Problems (Attention NPTB!)
Clearly, this agreement is very important and needs to be understood completely before signing and agreeing to its terms. I have been contacted recently about the "Readability" of the NDA. (THIS IS A HEADS UP FOR THE NPTB) This person explained that they have a hard time reading documents due to some physical eye problems. Of course, this problem would also apply for those who are blind, or speak another language, or are otherwise impaired in some way. He had a suggestion that I find has merit.
The idea was to have the NDA read by a person or a machine, into a recording device. This is such a simple fix to this potential problem. Anyone who is able to read or not, could listen to the NDA Audio and hear EXACTLY what is required of them, making it easier, and frankly more legal, for them to agree to its terms.
The alternative, is to bring in other persons that are otherwise not needed, just to read the agreement. This exposes the persons private business to outside personnel, just because they are unable to read and understand the NDA. In Example: Bringing in an interpreter, or attorney, or family friend whose only reason for being there is to assist the reading process. This unavoidably exposes their banking transaction and their new sizable holdings to the outside person.
NDA Reading Solutions (Attention NPTB!)
Solutions could include mentioning the impairment or need while setting up the appointment so that the exchange center can be prepared for this situation. The only other solution, I can see is for the Exchanger to walk out of the exchange center with the agreement and go home and study the agreement in whatever way they can, and make a new appointment when they are comfortable with it. No one wants this solution. Of course the best solution of all, is to email the agreements to the Exchanger before the appointment, or make them available on the net for review. After all, it has no "Details" on it, just the terms and time frames.
The Bottom Line
The bottom line is that the NDA is necessary for many reasons and will be different depending on the "Specialness" of your particular exchange. It may only last a few months or as long as 50 years or more. Know that it is Negotiable as well and be sure you do not sign it until you are ready to agree to its terms. While I understand the Claw Back has been removed from many of the NDA versions, if it is there, you can request that it be deleted as well.
If you have issues reading or understanding English, be sure to mention that when you make your exchange appointment, and see that they make arrangements for you and/or that you make arrangements for yourself. Don't be afraid to leave the appointment with the agreement to go over it completely to your satisfaction. Frankly, if you say you are going to leave with it to study it, I am sure they will make every effort to help you read and understand it so that you don't have to make that drastic move. After all, that is a big delay in your having money in your hands and a big risk to the bank that you will not come back to exchange with them. Remember, they get paid on all the money they bring into the bank. That means they REALLY want your business and want to give you as much money as they can with terms you will agree to. Don't sign ANYTHING until you completely understand it and agree with it.
May You Get Everything You Want and Live The Life Of Your Dreams
Signed: One Who Knows
Other NDA Post:
"The Heinous NDA Claw Back" - One Who Believes - 11.28.16