DRS data rooms enable secure legal transactions
As part of their extensive duties regarding financial transactions, Legal Advisors often also assume organization and coordination of the entire transaction due diligence process.
In DRS virtual data rooms the transaction-relevant documents are indexed and permissions allocated to specific parties for the purpose of doing due diligence. A sophisticated rights management regime determines who may review, print or save which legal documents. Detailed reporting then provides information about all virtual data room activities for the purpose of audit and compliance.
Risk management during the warranty phase
"The close of the transaction preludes the legal dispute". Unfortunately, this is often true for financial transactions. The complexity of contracts, minutiae of price adjustments and claims based on representations & warranties often cause legal disputes. With Drooms®Freeze the consulting law firm may request that the seller retains access to the virtual transaction data room which includes the complete history of the due diligence phase and the disclosures even after the contract is concluded. In effect, the virtual transaction data room is "frozen" with all transaction-relevant contents exactly as existing on the closing date.
Therefore, all documents, login data and generated reports being part of the virtual data room plus the complete question and answer process are archived in such a manner as to be accessible to authorized parties when the need arises. Thus, the virtual DRS legal data room reduces the seller's liability risk.