The six stages
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The stage bar is the deal's spine. Stages unlock in order as the workflow advances, and the current stage is always visible to both parties — there is no ambiguity about where a deal stands.
Stage order
Overview → Information Vault → Q&A → Due Diligence → Term Sheet → Closing. Earlier stages stay accessible after the workflow moves past them; the record accumulates, it doesn't disappear.
Unlock rules
| Stage | Unlocks |
|---|---|
| Overview | Always available |
| Information Vault | Always visible; documents gated behind the NDA signatures |
| Q&A | When the workflow reaches Q&A — or earlier, when the investor explicitly advances to it from the Vault |
| Due Diligence | When the workflow reaches DD |
| Term Sheet | When the workflow reaches Term Sheet — the panel opens on the investor side |
| Closing | When the workflow reaches Closing |
Requesting a transition
- 1Either party requests the next stage with the Request next stage action.
- 2The other party sees a pending-transition banner and approves or declines.
- 3On approval the workflow advances, the stage bar updates for both sides, and the transition lands in the activity timeline.
Transitions are deliberately two-sided. A deal cannot be marched forward unilaterally — the stage you see is a stage both parties agreed to be in.