Finance transactions are document heavy, resource intensive, and are known for becoming unwieldy. On suitable transactions, we introduce clients to Legatics, a web based app to which clients and third parties can log into to monitor the status of Conditions Precedent (CPs). Through the portal, clients benefit from real-time progress updates, can track communications and have transparency throughout the deal, right until the final signature.
Transaction management
We use an online platform to help us manage Conditions Precedent (CPs) in finance transactions.
Using Legatics, we have managed a number of deals involving conditions to signing, conditions to drawdown, and tracking project milestones over the project term.
Over the duration of the transaction, CPs are managed online via a secure portal which can be accessed 24/7 by all relevant parties. In addition to providing real time updates to CPs (and the cost saving associated with this), it's a useful way of tracking communications on specific CP documents and avoids the need for numerous all party emails and emails being held up by file-size restrictions.
The interactive platform allows the parties of a transaction to log on, provide real-time updates to all parties, allocate tasks and update draft documents. The bibling function allows us to prepare a digital bible at the click of a button, saving considerable post-completion time and cost.
Clients experience numerous benefits including:
- Accessible 24/7
- A robust audit trail
- Visibility and transparency over CP status
- Fewer all party emails and calls
- No hold ups caused by file size restrictions
