How Transaction Commons Works:
Transaction Commons is a neutral archive of all documents exchanged among the parties to a business transaction. Transaction Commons is not controlled by any party of the transaction. It provides a secure, organized, web accessible, and reliable tool for exchanging, maintaining and reviewing documents to a transaction.
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Document Organization
Transaction Commons organizes documents in a three level hierarchy.
1. At the highest level is the Transaction. Users logging on to Transaction Commons "enter" at the Transaction level. Users have access only to the Transactions for which they are authorized.
2. The next level is the Document Category. Within a Transaction the parties to the transaction may create various Document Categories corresponding to the relevant documents.
3. Finally, within each Document Category users may review and post Versions of each Document. Any user may read any existing Version or post a new Version. Any Version posted is clearly identified by number, submitter, date, and whether it is a “red lined” document. Changes made to an existing Version of a document may be posted to Transaction Commons only as a “new” subsequent Version.
Transaction Commons is intended to be a reliable archive of documents exchanged. No user may delete or modify any posted Version of a Document or change identifying information for that Version (even the party posting that Version).
With Transaction Commons there is never a question which Version is the most "current" when modifications have been made (or could have been made) to a previously reviewed Version. Any Version posted is designated as a new Version (with the party posting and the date of posting clearly identified). All parties know that throughout the negotiation process they will be able to access all prior drafts in exactly the form previously reviewed.
Similarly, when all transaction documents have been negotiated, there is no question which versions have been approved by the parties and are "final.” (There is no more need to search through e-mails to find the "final" versions of documents negotiated weeks earlier).
Transaction Commons has been designed to be very simple and intuitive to use. If needed, instructions are provided at the "Help" tab above.
Levels of Access and Control
When a transaction is set up, an individual on each “side” is identified as the their "administrator”. That person can authorize others to access Transaction Commons (or the administrator can contact Transaction Commons and request assistance). Each authorized user accesses Transaction Commons by logging on with a user-determined user ID and password.
Each authorized user (including the team administrator) has full access to Transaction Commons to review and post documents. Each administrator may create additional Document Categories. (Allowing only one user on each side to create document categories provides some safeguard against undesired creation of duplicate categories.) Authorized users have the right to open and post new document revisions (but not create new Document Categories). "Read Only" users may be set up with the ability to open document versions but not post new versions.
Complete Archive
Transaction Commons provides a complete document negotiation archive, containing all revisions posted by any party. All revisions are archived and available at Transaction Commons until the transaction is complete. Transaction Commons truly is The Heart of the Deal.®
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