AI-powered contract review made simple

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September 25, 2024

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Legly

Contract reviews

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AI-powered contract review made simple

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Overview

Legly is an AI-powered tool designed to facilitate online contract review. It offers services such as identifying deal-breakers, missing clauses based on your defined preferences, and extracting and visualizing metadata for a better overview of your contracts.

Legly assists in populating your Contract Lifecycle Management (CLM), Customer Relationship Management (CRM), Supplier Relationship Management (SRM), and other repository systems with key performance indicators critical for business operations.This tool provides an intuitive and smart search functionality for easier navigation and retrieval of contract-related details.

Furthermore, it has the capability to deliver comprehensive red-flag reports, enabling users to get insights about potential risks before signing contracts.Legly supports different types of users including legal technology and service providers, law firms, enterprises, and businesses.

It offers seamless integration and allows users to review, analyze, and organize contracts via an online dashboard. Metadata extraction and storage features are available for reduced risk and enhanced efficiency in contract management.Moreover, Legly provides an API, allowing users to integrate this AI contract review system into their existing workflows and systems.

Understanding the importance of continuous learning, the platform offers webinars and numerous resources to further understand the use and benefits of AI in contract review processes.

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Initial release

August 18, 2022

Initial release of Legly.

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Contract reviews Legly

Contract reviews

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Pros and Cons

Pros

Identifies deal-breakers

Detects missing clauses

Visualizes metadata

Populates CLM, CRM, SRM

Intuitive search functionality

Delivers red-flag reports

Supports diverse user types

Seamless integration

Online contract organization

Reduced risk contract management

API integration

Offers webinars

Comprehensive resource library

Extracts KPI for repositories

Online dashboard availability

Robust contract analysis

Delivers actionable insights

Facilitates contract task assignments

Extracts metadata for local repository

Offers free trial

Supports global companies

In-depth contract overview

Immediate contract reviews

Contact risk and opportunity reports

Available dashboard and APIs

Offers attractive due diligence

Pre-signature contract reviews

Legly Dashboard for contract management

Offers contract portfolio analysis

Secures contract data with no storage

Dashboard access with metadata

Enables task assignments

View 27 more pros

Cons

Limited contract types supported

May miss nuanced legal interpretations

Dependence on dashboard interface

Too complex for smaller businesses

Limited integration options

Limited language support

Generic risk indicator approach

Over-reliance on user-defined preferences

No offline functionality

Potential for false positives/negatives

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Q&A

What is Legly?

Legly is an AI-powered online contract review tool. It identifies deal-breakers, visualizes missing clauses according to user preferences, and extracts metadata for an in-depth overview of your contracts. It also aids in populating your Contract Lifecycle Management (CLM), Customer Relationship Management (CRM), Supplier Relationship Management (SRM), and other repository systems with critical business performance indicators.

How does Legly identify deal-breakers in contracts?

Legly uses AI technology to identify deal-breakers in contracts. It scans the contract and compares it with user-defined preferences to spot any missing clauses or potential risks that may be detrimental to their interests.

What type of data does Legly extract from contracts?

Legly extracts metadata from contracts. This involves gathering key information and indicators related to the contract that are crucial for business operations. Such data includes clauses, terms, conditions, and other significant elements.

How does Legly assist in Contract Lifecycle Management?

Legly facilitates Contract Lifecycle Management (CLM) by extracting metadata from contracts and using it to populate the CLM with key performance indicators. This feature helps businesses keep track of their contracts, from initiation through approval, compliance, negotiation, amendment, and renewal.

How does the smart search functionality in Legly work?

Legly offers a smart search functionality that allows users to easily navigate and retrieve contract-related details. This is achieved through an intuitive and powerful search system that analyzes the extracted metadata.

What is included in the red-flag reports generated by Legly?

Legly's red-flag reports contain comprehensive insights about potential risks found in the contracts. The system uses AI to scan for missing clauses, detects deal-breakers, and highlights anything else that could pose a risk before users sign contracts.

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Who are the typical users of Legly?

Typical users of Legly come from various sectors including legal technology and service providers, law firms, enterprises, and other businesses that manage any sort of contracts.

How does Legly integrate with other systems?

Legly integrates with other systems through its API. Users can thereby incorporate the AI contract review system into their existing workflows and systems, making the transition as seamless as possible.

What additional features does the Legly online dashboard offer?

The Legly online dashboard offers features that allow users to review, analyze, and organize their contracts in one place. It provides a smart search function, visual overviews, and generates red-flag reports.

What does the metadata extraction feature of Legly do?

The metadata extraction feature of Legly scans contracts to gather vital data such as clauses, terms, conditions, and other critical information. These are then used to populate various systems like CLM, CRM, SRM and can also be visualized for a better overview.

Is there an API available for Legly?

Yes, Legly provides an API which allows users to integrate the AI contract review system into their existing workflows and systems for a seamless transition.

What types of resources does Legly provide for learning about AI contract review?

Legly provides numerous resources to understand the usage and advantages of AI in contract review processes. For instance, they offer webinars, guide to contract review, contract review blog, and a resource library.

Can I review customer contracts and B2B contracts with Legly?

Yes, with Legly, users can review various types of contracts including customer contracts, non-disclosure agreements (NDA), and other business-to-business (B2B) contracts.

How does Legly assist law firms in improving their due diligence?

Legly assists law firms in delivering better and more attractive due diligence by equipping them with AI-powered tools that can carry out tasks like contract organization, analysis, red-flag reports, and task assignments.

How does the Legly dashboard help in contract review, analysis, and organization?

The Legly dashboard is a central platform that enables users to review, analyze, and organize their contracts. It features smart search functionality and visual overviews, making contract management simple and efficient.

Can I try Legly's contract review service for free?

Yes, users can try Legly's contract review service for free before deciding to purchase a full subscription.

How does Legly facilitate contract organization and analysis for legal technology and service providers?

Legly provides a user-friendly AI tool that assists legal technology and service providers in contract organization and analysis. It extracts contract metadata and supports task assignments, thereby delivering organized, analyzed contracts, and red-flag reports.

How does Legly assist enterprises in contract review and analysis?

Legly assists enterprises by reading their contracts, extracting metadata, delivering red-flag reports, and helping in setting actions. This service enables enterprises to have an efficient and effective contract review and analysis process.

What are the main benefits of integrating with Legly?

Integrating with Legly benefits users by reducing the risk of missing significant details in contracts, owing to its capabilities like contract analysis, risk management, and contract lifecycle management. It also provides a dashboard and API for easier integration and management of contracts.

Where is Legly based and which regions does it support?

Legly is based in Sweden and it provides support to companies globally.

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