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A virtual data room (VDR) is a repository on the internet that allows sharing confidential business documents. Contrary to traditional filing cabinets VDRs are safe and can only be accessed by authorized members. This is useful when companies collaborate on projects and need to share documents without fear of theft or unauthorised access. For example, contractors working on building construction or service agreements frequently work together to exchange contracts and other documents that are essential to maintain business relationships. These documents can be accessed remotely from a VDR and updated by all parties quickly to reflect the most recent changes.
Businesses can select from the various features offered by various VDR providers, based on the project’s needs. Certain options provide advanced tools for managing documents, such as drag-and drop, auto indexing, automated index numbering, fence view, dynamic watermarking, and more. These tools let users quickly create and keep a folder structure that includes an extensive file index. Other features include the ability to share files and folders via email or via a direct link as well as multilingual support and a customizable user interface.
Additionally, many VDR providers also provide additional support services offered with their virtual room. These functions include training, consultation and a dedicated support personnel who are available all hours of the day to answer your questions. These features can decrease the time and cost to finish the task. They can also cut the total transaction time of the project by up to 3 months due to automated contracts, standardization of processes and quick communication between all parties.