When there are two versions of an original transactional document, the versions are called what?

When there are two versions of an original transactional document, they are termed "counterparts." This term refers to copies of the same agreement that are executed separately but have the same legal effect as if all parties had signed a single document. The use of counterparts is common in legal and business documents because it allows different parties to sign different copies, facilitating the signing process.

Counterparts are particularly useful in situations where parties are in different locations, as each can sign a copy of the document without needing to be physically present together. This practice ensures efficiency and expedites the finalization of contracts while still maintaining their enforceability.

The other terms listed are not accurate in this context. "Duplicates" suggests an exact copy rather than separate but simultaneous versions of a document. "Invalid copies" implies that the copies lack legal standing, which is not the case with counterparts. "Simultaneous originals" could be misleading as it may not correctly convey that these versions were signed at different times or by different parties. Overall, "counterparts" accurately describes the relationship between the two versions of the document in question.