How it plays out on a deal
Documents change during a deal: a revised forecast, an updated customer list, a corrected lease. If an upload simply replaces the old file, nobody can later prove what a bidder saw on the day they made an offer. That gap matters most if a warranty claim follows.
Rooms handle this differently. Some keep every version and let readers see the history. Others keep versions for administrators only. A few overwrite silently. For sell-side work, keeping history visible to the deal team while showing bidders only the current file is usually the right setting.
What to check in a review or demo
- 1Whether earlier versions are kept automatically and for how long.
- 2Whether bidders see the version history or only the current file, and who decides.
- 3Whether the audit log shows which version each user opened.
Read alongside
- Disclosure scheduleThe attachment to a purchase agreement in which the seller lists exceptions to its representations and warranties, often by referencing documents placed in the data room.
- Audit trailThe room's running log of who did what and when.
- Data room archiveThe frozen copy of everything that was in the room, handed over after signing or shutdown on an encrypted drive or as a secure download, ideally with the index and activity history attached.
- Change alertsEmail or in-app notices that tell users when documents are added or updated in folders they can see, or when a question they follow is answered.