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
By Tauna Staniland, K.C., ICD.D, Joe Thorne, and Nadine Otten What can you do when your corporation wants to complete a complex transaction requiring significant corporate restructuring that cannot be easily completed under the corporation’s…
Read MoreStewart McKelvey is pleased to present Energy Watch – a review of key legislative and policy advancements in the renewable energy sector in 2023 in each of Newfoundland and Labrador, Nova Scotia and New Brunswick…
Read MoreWe are pleased to present Beyond the border: A year end immigration wrap-up. Compiled by Lawyers from our Immigration team, this 2023 update covers topics including the Government of Canada’s ambitious immigration plans for the future;…
Read MoreBy Perlene Morrison, K.C., Hilary Newman & Curtis Doyle Once again, the time has come to review the year that was and to chart the course for the year ahead. For municipalities and planning professionals…
Read MoreBy Dave Randell, John Samms & Jayna Green A recent Government of Newfoundland and Labrador (“GNL”) announcement affirms the Province’s swift and ambitious approach to offshore wind development. While it may come as a shock…
Read MoreBy Sadira Jan, Dave Randell, Graham Haynes & Tyler Callahan On November 30, 2023, the Federal Government tabled Bill C-59, entitled An Act to implement certain provisions of the fall economic statement tabled in Parliament…
Read MoreBy Brendan Sheridan The Government of Canada has continued their whirlwind year of immigration program announcements by revealing their plan to modernize and improve the country’s immigration system. This plan, known as “An Immigration System…
Read MoreBy Christine Pound, ICD.D, Rebecca Saturley, & Daniel Roth Canada’s anti-modern slavery legislation comes into force on January 1, 2024. To prepare for the first reporting deadline on May 31, 2024, organizations need to determine…
Read MoreBy Brian Johnston, K.C. and Richard Jordan On November 9, 2023, Minister of Labour, Seamus O’Regan, introduced Bill C-58 in the House of Commons to amend the Canada Labour Code to prohibit the use of…
Read MoreBy Kevin Landry & Eryka Gregory The Retail Payment Activities Regulations (“Regulations”) under the Retail Payment Activities Act (“RPAA”) were finalized and published in the Canada Gazette Part II on November 23, 2023. The RPAA was…
Read More