More Clauses for Contract Drafting and Tips for Contract Review: What’s New in Loio?
Every jurist knows basic contract drafting techniques and how to review a legal contract. But how much time do they actually need for these tasks? How many resources are wasted because of the mundane document review process?
A robust AI legal contract review software helps lawyers analyze numbers, parties, dates, terms, and other critical details in legal agreements. When it also includes drafting features and smart clause inspection, I believe it’s a match.
In this software update, Loio brings to legal professionals newly available types of legal documents to review, more clauses for efficient legal contract drafting, more thorough clause analysis, and other improvements. Read on!
Clause Analysis is the feature that analyzes every clause from A to Z in a legal contract and matches it with the type of contract. Based on your contract review, Loio provides the report displaying:
- Which critical provisions are missing and need to be added to the document; and
- Which provisions are recommended for this type of contract.
This information will help lawyers include all essential clauses in the document while considering the client’s needs.
There are two ways of working with Clause Analysis in Loio:
- You can review the clauses detected as “duplicate” by Loio and remove the redundant ones;
- You can replace the current provisions in the document with a more up-to-date one from Loio’s Clause Bank.
If you think that Loio considered the proper clause wrong, mark it as “Incorrect” to avoid mixing with the correct analysis results. Also, this feedback will improve Loio’s scanning reports making them more accurate for your contract drafting and review experience.
Clause Bank is a collection of modern provisions (from identification of parties to termination) for any legal document. It works in tandem with Clause Analysis, so you will quickly understand how to draft a legal contract at any stage. Our team regularly fills Clause Bank with relevant provisions so you can always find what you need in seconds.
Among the newly added 700 clauses, find provisions for real estate purchase agreements, service contracts, oil and gas leases, and many more agreements for your efficient legal contract drafting services.
Depending on which document you’re currently dealing with, Loio will suggest recommended clauses for your contract that you can review and insert in one click. Every provision from Clause Bank is tagged with areas of law.
Clause Bank is also perfect for creating, managing, storing, and sharing your provisions in teams. After you fill out the information about your clause, you can share access with your colleagues and collaborate on one contract. This feature saves your time and boosts your teamwork while drafting a legal contract together.
All your clauses are saved in Clause Bank, and you can always get back to them to edit, remove, or restore them whenever you need during legal contract review.
For quicker work with document improvements, we created the Tips section where you can inspect the found inaccuracies by Loio and fix them if necessary. When you click “Replace With” an unwanted item will turn into the correct one in your document text.
In this case, you don’t waste any seconds of your working hours or a single dollar from your business deal –– an error instantly becomes a correct piece of information. If you replace an already correct definition or money amount by accident, you can always restore the element below in Tips.
Also, in Tips, Loio will highlight what elements in your document are correct. These include spelling and formatting details like decimals, day formats, spaces, etc. So, we’ve got you covered –– Loio will indicate both correct and incorrect parts of your contract and share how you can improve them to make your legal contract drafting and review process more productive.
Loio has gained over 700 clauses to help lawyers easily draft various types of contracts. Its Clause Analysis feature has become more accurate and gained a clear view of which provisions you can add, remove, or improve according to your type of agreement.
Also, from now on, Loio does not detect errors but turns them into tips you can accept for your document or reject, marking them as “Incorrect”.
We hope the updated Loio will successfully assist you in your daily contract drafting and review tasks. Tell us what you think of the changes in Loio’s Chat or drop a line at firstname.lastname@example.org. We will try to implement your ideas in our next software updates.
The legal industry is increasingly turning to technology to simplify the document drafting process, and AI-based tools are leading the...
What is important when drafting a contract?
Before any contract drafting process, you should have a playbook or guidelines about creating specific legal documents. These materials will help you draft a legally compliant document that outlines all terms and conditions and considers clients’ needs.
Sometimes, finding an up-to-date clause for your document may be a challenge. At this point, AI contract drafting tools are the best helpers. In my previous article, I elaborated on their efficiency and practicality.
Who can help me review a contract?
Every lawyer can get a modern contract review tool and revise legal documents with it. The main criteria for this legaltech software are
- Easy installation on-premises or cloud services;
- Smart detection of errors and key terms;
- Instant fixes of inaccuracies;
- The overall user-friendly interface.
Contract review software perfectly fits in the workflow of experienced legal professionals and junior lawyers. It’s a total match for everyone –– no need to do a repetitive monkey job and a perfect option to spot invisible mistakes in seconds.
How does AI contract review work?
AI contract review is a complicated process of analyzing multiple contract pieces simultaneously. Before reviewing any document with legaltech software, it should be already taught by a research & development team how to detect errors in contract sections and provide helpful suggestions to improve the document content. Moreover, the insights given by a contract review tool should not be from the AI tech perspective but from the legal one.