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
The integrity of the jury system has become a pressing topic for our courts of late, with articles about jury duty frequently appearing front and centre in the press. The recent message from the Nova…
Read MoreIN THIS ISSUE: Cloud computing: House to navigate risky skies by Daniela Bassan and Michelle Chai Growing a startup by Clarence Bennett, Twila Reid and Nicholas Russon Knowing the lay of the land – Aboriginal rights and land claims in Labrador by Colm St. Roch Seviour and Steve Scruton Download…
Read MoreDOES IT APPLY TO YOU? On June 1, 2013, the Personal Health Information Act (PHIA) comes into force in Nova Scotia. If you are involved in health care in Nova Scotia, you need to know whether PHIA…
Read MoreEDITOR’S COMMENT This edition of Atlantic Employers’ Counsel focuses on key areas of employment standards in Atlantic Canada. Employment standards legislation outlines the rights and obligations of employees and requirements that apply to employers in…
Read MoreNEW TORT OF CYBERBULLYING On May 10, 2013 the Nova Scotia legislature passed the Cyber-safety Act (Bill 61). When this bill comes into force, it will give rise to a new tort of cyberbullying that…
Read MoreGOVERNMENT ACTION In the Economic Action Plan 2010, the Harper Government committed to bring greater clarity to how mortgage prepayment penalties were calculated. As part of the commitment, on February 26, 2013 the government released…
Read MoreSTEWART MCKELVEY WELCOMES BACK WANDA DOIRON AS MANAGER, CORPORATE SERVICES – NOVA SCOTIA You might remember Wanda from her time in our Corporate Services group from 2002 to 2008. Since then, she has worked in-house…
Read MoreREASONABLE PEOPLE DOING QUESTIONABLE THINGS: CONFLICTS OF INTEREST AND JUST CAUSE Can a unionized employee moonlight in his off hours to earn some extra money by doing the same work he does for his daytime…
Read MoreStewart McKelvey’s Vision Improving Legal Analysis (SVILA*) is an e-discovery project and litigation management tool. For more information on our e-discovery services, download the SVILA e-discovery document.
Read MoreIN THIS ISSUE: A New Brunswick business lawyer’s perspective by Peter Klohn Why Canada’s immigration rules matter to your business by Andrea Baldwin Financing Energy Projects during the Project Lifecycle by Lydia Bugden, Colm St. Roch Seviour and Tauna Staniland Download…
Read More