The Virtual Dataroom is a significant advance in managing the due diligence delivery process. It is user friendly requiring no specialist IT skills, and greatly facilitates what traditionally has proved to be the most laborious part of an acquisition/disposal. By avoiding unnecessary delays, it can speed up the transaction significantly and, as a by product, creates confidence in both parties that due diligence and disclosure has been carried out satisfactorily.

Other benefits include:

• The record of documents placed within it can be made to accord precisely with the document list comprised in the draft Disclosure Letter.



• Access to up-to-date key transaction documents (Share Purchase Agreement, Tax Deed, etc) which can be placed in the Dataroom to enable all parties to view the latest version, revisions etc. on a real time basis without having to rely on their receipt through other parties, delays, loss etc.



• The simplification of the disclosure process and preparation of the final Disclosure Letter as there are accurate records of "who has seen what and when".



• Access to due diligence documents can be controlled and monitored by the Seller, and the documents can be checked by the Buyer, greatly reducing duplication and errors caused by multiple versions of similar documents. Where incorrect or superseded documents have been posted in error, rectification is a simple process which provides certainty and transparency to both parties.
  
  
• Of particular utility to cross-border transactions where there are different time zones.