COVID-19 Developments and Legal Updates
Closing Folders: Supporting business continuity during COVID-19
Our Firm is currently using a program called Closing Folders that is designed to streamline transaction processes and provide better service to clients. In light of the COVID-19 Pandemic restrictions, Closing Folders is a powerful tool that supports business continuity by helping your transaction go “paperless”. It allows our firm to work efficiently and diligently in sending, receiving, and managing documents electronically.
Closing Folders is a secure, cloud-based transaction management application that streamlines the closing process through online closing checklists, digital signatures and automatically- generated signature pages, signature packages and closing books.
Closing Folders can automatically generate signature pages and signature packages. The DocuSign e-signature platform is fully integrated with Closing Folders, allowing documents sent from Closing Folders to be signed on a computer or mobile device. Executed signatures are sent back to us instantly upon signing. With social distancing measures in place, these tools can eliminate the need for physical signing packages.
Additionally, our use of Closing Folders enhances efficiencies and supports business continuity in the following ways:
- Production of closing status checklists with embedded documents, schedules, and signatures to streamline the closing process.
- Reduction of time spent on administrative tasks associated with document management and document assembly by automating routine tasks.
- Granting access to opposing counsel (with varying permission levels) to a Closing Folders page, allows for quick and efficient uploading of transaction documents under their responsibility and reduces inefficiencies associated with emailing documents.
- Closing Folders allows for the use of “variables” which are highly flexible. Variables can be used for any information that could change throughout a transaction such as dates, purchase prices, or number of shares. Variables can be updated across dozens of transaction documents with only a few clicks.
- Production of a fully assembled and dated set of executed closing documents in a closing book promptly following closing.
This article is provided for general information only. If you have any questions about the above or would like to explore how tools like Closing Folders and Docusign can work for your transaction, or to learn more about how we can assist you managing documents in a transaction or obtaining electronic signatures, please contact a member of our Corporate/Commercial Group.