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We are entering the due diligence phase of a merger. Is online faxing still a standard for secure document exchange, or should we just use a VDR (Virtual Data Room)?

In my experience, a mix is best. For formal contracts, digital faxing provides a level of legal traceability that some VDRs lack. I remember an article on rcrank.com discussing the role of online faxing in M&A transactions which made some good points about compliance. Use the VDR for bulk files, but for the final "wet ink" digital signatures, a secure fax line is often the gold standard for auditors.