Understanding files in Transact
Learn about the different files you can add to your Transact checklist
Checklist items within a Transact deal typically fall into one of two categories:
- If the item is a drafted document such as an agreement, board resolution or legal opinion, deal participants can run through the versioning of the document in Transact. Files such as draft versions, execution versions, comment files, etc. are all relevant to the journey from first draft to final version.
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Alternatively, the checklist item may simply require the upload of pre-existing documentation – such as the constitutional documents of a transaction party. In that case, the relevant files can be added as Related files, labelled as such to distinguish these files from files related to the versioning of documents.
- Draft version
A version of a drafted document. When a new draft is added, Transact will automatically generate a comparison between the draft uploaded and the previous version, with the comparison being displayed as, for example, “V2 comparison”.
- Comment on latest version
A file including proposed changes or comments to the latest draft version of a document. Comment files attach to a particular draft version.
- Execution version
An agreed version of a multiple draft document that is ready for signing. You can upload an execution version but you can also designate a draft version as the execution version through the draft version’s menu.
- Schedule
A file that forms a schedule or annex to the draft document.
- Signature file
A signature page (or fully signed version) of the relevant document.
- Final version
A fully-executed version of the document. Final versions are included in the closing binder downloaded from the deal, and no further version can be added beyond it.
Note: You can also create a final version by combining the execution version plus any schedules and signature files. To do this, click the execution version’s menu and select Open final version builder.
- Related file
Any file that is relevant to the checklist item but is not related to the versioning of a document.
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