Loya

Loya is an AI-powered contract review platform offering 24-hour reviews, risk identification, and expert lawyer matching to ensure safe, compliant, and efficient contracts.

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https://loya.legal/
Loya

Product Information

Updated: 14/10/2024

What is Loya?

Loya is an AI-powered contract review platform designed for businesses seeking efficient, accurate, and timely contract reviews. By combining advanced AI technology with a marketplace of vetted legal professionals, Loya helps users identify potential risks in contracts and ensures compliance with market standards. The platform is ideal for in-house counsel, CFOs, COOs, and CEOs, providing a seamless solution for managing contracts while safeguarding the business against unfavorable terms.

How to Use Loya?

Loya offers a simple, three-step process for contract review:

  1. Upload Your Contract: Upload the contract in .doc or .docx format.
  2. AI Review: The platform's AI reviews the contract for red flags and checks it against industry market standards.
  3. Lawyer Finalization: A best-matched lawyer from Loya’s marketplace of legal professionals reviews and finalizes the contract, ensuring it meets all your requirements.

This process is designed to save time, reduce errors, and provide businesses with high-quality legal reviews, all within 24 hours.

Loya's Core Features

AI-Powered Contract Review

Loya's AI scans contracts to identify potential issues such as ambiguous language, clauses that might expose your business to risk, or deviations from market standards. This initial review is quick, offering immediate feedback on key red flags.

Best-Matched Lawyers' Marketplace

Loya pairs businesses with expert lawyers who specialize in the type of contract being reviewed. These legal professionals add a human touch, ensuring that any nuances or complex issues are thoroughly addressed before the contract is finalized.

24-Hour Contract Review

One of Loya's standout features is its rapid turnaround time. Contracts submitted to the platform are reviewed and finalized within 24 hours, allowing businesses to meet tight deadlines without sacrificing quality.

Loya's Use Cases

1. Protecting Business from Unsafe Contracts

Loya helps businesses avoid contracts that could contain unfair terms, loopholes, or other potentially harmful clauses. The AI highlights these risks, and the lawyer ensures they are addressed.

2. Ensuring Timely Payment

Contracts related to payments can be tricky. Loya ensures that payment terms are clear, enforceable, and aligned with market standards, minimizing the risk of delayed or missed payments.

3. Preserving Intellectual Property

For businesses working with proprietary information or intellectual property, Loya ensures that contracts include the necessary clauses to protect valuable assets and prevent unauthorized use.

Reviews of Loya

Users appreciate Loya for its combination of AI efficiency and human expertise. Many businesses report that the platform's rapid turnaround time and comprehensive reviews have improved their contract management processes. Some highlight the convenience of accessing specialized lawyers through the platform, while others praise the accuracy of the AI in spotting potential issues. A common theme in reviews is that Loya saves both time and legal costs while ensuring peace of mind.

Pricing

Loya offers flexible pricing plans to suit different business needs. Typically, there are tiered plans based on the number of contracts processed and the level of legal assistance required:

  • Basic Plan: AI-powered contract review for smaller businesses with fewer legal requirements.
  • Professional Plan: Includes AI review and access to a pool of specialized lawyers for more complex contracts.
  • Enterprise Plan: Tailored for large organizations, offering premium support, unlimited contract reviews, and priority access to top-tier legal professionals.

Exact pricing details may vary, so it’s recommended to contact Loya for custom quotes based on your business size and contract volume.

Guides to Using Loya

  1. Getting Started: Create an account, and upload your contract in .doc or .docx format.
  2. Understanding AI Feedback: The AI will provide a summary of the contract's strengths and weaknesses. Review the flagged areas and consider your next steps.
  3. Lawyer Assignment: Based on the contract type, Loya will match you with a specialized lawyer. You can communicate with the lawyer directly through the platform for any additional insights or revisions.

FAQ from Loya

Who is Loya designed for?

Loya is designed for business professionals such as in-house counsel, CFOs, COOs, and CEOs who need efficient and thorough contract review services.

What file formats does Loya support?

Loya accepts contracts in .doc and .docx formats for easy upload and review.

How long does the review process take?

Loya guarantees a 24-hour turnaround time for contract reviews, ensuring you never miss a deadline.

How does Loya match lawyers with contracts?

Loya uses AI to match contracts with lawyers who specialize in the relevant industry and contract type, ensuring high-quality legal advice.

Alternatives to Loya

While Loya offers a unique blend of AI and human expertise, other platforms provide similar services:

  • LawGeex: A contract review platform that uses AI to automate contract approvals.
  • LegalSifter: Focuses on AI-powered contract review for businesses with less reliance on human lawyers.
  • Kira Systems: An AI platform specializing in contract review for large enterprises.

Each alternative has its own strengths, but Loya’s lawyer marketplace and rapid review times make it particularly attractive for businesses that need both speed and precision in their legal processes.

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