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.
Archive
Stewart McKelvey is pleased to announce the creation of Discovery: Atlantic Education and the Law, a publication specifically designed for universities and colleges. We know it is not always easy for institutions in Atlantic Canada…
Read MoreRick Dunlop and Kevin Landry New Brunswick’s Final Report of the Select Committee on Cannabis was released September 1, 2017. The Committee was appointed by the Legislature of New Brunswick and was mandated to conduct…
Read MoreJennifer Taylor A child and her adoptive parents “found themselves caught up in a judge-made vortex of uncertainty and delay” when a judge made a “self-directed constitutional reference” instead of issuing an adoption order, prolonging…
Read MoreJennifer Taylor Introduction The recent Nova Scotia Supreme Court decision in Dyack v Lincoln is a nice case study on how to work through a limitations issue. It arrives almost two years after the “new”…
Read MoreBrian G. Johnston, QC While the concept of good faith is not new to employment law, its limits and implications remain uncertain. In a recent decision, Avalon Ford v Evans 2017 NLCA 9, the Newfoundland…
Read MoreLevel Chan and Dante Manna On August 9, 2017, the Nova Scotia Superintendent of Pensions announced temporary solvency relief for defined benefit pension plans available effective August 8, 2017. The changes allow pension plan sponsors…
Read MoreKevin Landry Edmonton wants “Cannabis Lounges”, Nova Scotia Landlords don’t want tenants to smoke marijuana in their rental homes, and Calgary City Council contemplates a private recreational cannabis system. The old adage of “Location. Location.…
Read MoreJon O’Kane and Jamie Watson Legal cannabis will have numerous implications for insurers. The federal Cannabis Act (discussed here), the provincial acts (discussed here) and the regulations (discussed here) are all going to add layers…
Read MoreVasu Sivapalan and Ben Whitney Legalized and regulated cannabis is on track to become a reality in Canada in just under a year (on or before July 1, 2018). This will create a number of…
Read MoreFurther to our Client Update on June 15 titled, “Requirement to register as a lobbyist in New Brunswick”, the deadline for initial registration under the Lobbyists’ Registration Act of New Brunswick has been extended from…
Read More