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Many people think of data rooms as a tool to conduct due diligence when they think of mergers and acquisitions, where companies share information with one another in a controlled way. However, due diligence data rooms can also be used by lawyers in the preparation of cases or sharing information with co-counsel and opposing counsel in litigation. Investment bankers may use these rooms to share confidential information during capital raising or IPO preparation with potential investors and underwriters.

When using a virtual information room to conduct due diligence, it is essential to ensure that all documents and files have been prepared and uploaded ahead of inviting third parties into the portal. A preparation period can be beneficial to organize and upload documents in a systematic manner without the pressure of deadlines. Once the main due diligence process starts it is possible to set granular access rights that can be assigned to each user. Access to folders and documents can be suspended or revoked at any time.

The structure of a folder in the due diligence data room must be organized logically, with a concise and clear name for each document or file. A well-organised folder structure makes it easier for users to find information. A search function can be beneficial for quick access to documents. Some VDR providers, such as FirmRoom offer templates for diligence folders that can be uploaded in order to create a logical and convenient directory.

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