Terms of Engagement
These terms apply to every review. The client accepts them by ticking the box on the intake form, on behalf of the business.
1. Who we are
1.1 Layman's Terms AI Ltd, a company registered in England and Wales (no. 17526497), registered office 5th Floor, 167-169 Great Portland Street, London W1W 5PF ("we", "us"). Contact: admin@laymanstermsai.co.uk.
1.2 "You" means the business named on the intake form, which must be a UK limited company or LLP. Where an adviser completes the form for a client, the adviser confirms they have the client's authority, and the client is the party to these terms.
2. What we do
2.1 We read the loan documents you send us and prepare a written report explaining their commercial terms: what the borrowing costs, the security and guarantees, the covenants and other obligations, what needs the lender's consent, and points you may wish to raise with your lender.
2.2 The scope of each review is set out on our website when you order: the Term Sheet Explainer, the Facility Agreement Review (total commitments under £3m and up to 3 other finance documents) or the Full Facility Pack Review (total commitments of £3m or more, or 4 to 5 other finance documents). Anything outside these is quoted separately in writing before work begins.
2.3 If the documents you send need a different review from the one you chose, we will tell you before starting and agree the change with you.
3. What we do not do
3.1 Our report is information, not advice. We do not give legal, financial, tax, accounting or investment advice, and we do not recommend whether you should accept a loan or sign any document.
3.2 We do not arrange, introduce or negotiate finance, contact your lender on your behalf, or receive any fee or commission from lenders.
3.3 We do not review the legal effect or enforceability of documents. That is for your solicitor. We strongly recommend you take independent legal advice before signing, especially before giving a personal guarantee.
3.4 This service is not suitable for a business in financial difficulty. If that applies, please tell us; we will not start, or will stop, the review.
4. Your responsibilities
4.1 You confirm that you are allowed to share the documents with us, and that you have told any directors or guarantors named in them that we will see them.
4.2 You will send complete, final versions of the documents and the financial information we ask for, and tell us of anything agreed with the lender that is not in them.
4.3 We use your figures to test what the documents ask of you. We do not audit, verify or assess them, or your business.
5. Turnaround
5.1 The turnaround for your review is shown on our website (2, 5 or 7 working days). It starts on the working day after we have received everything we need and confirmed this to you.
5.2 Turnaround times are estimates. We will tell you promptly if we expect to miss one. If you have a signing deadline, tell us when you order.
6. Fees
6.1 Our fees are fixed and published on our website, plus VAT. They are payable in full before work begins.
6.2 If you move to a larger review, you pay the difference before the larger review starts.
6.3 Once work has begun, fees are not refundable unless we fail to deliver the report.
7. Use of AI
7.1 We use AI tools to help read documents and draft the report. A lending specialist reviews every report and decides what it says before it is sent.
7.2 Your documents are not used to train third-party AI models. Our Privacy notice explains which providers process your information.
8. Confidentiality
8.1 We keep your documents and information confidential and use them only to prepare your report, except as allowed by clause 9 or required by law.
8.2 We send the report only to the people you name on the intake form.
9. Anonymised loan data
9.1 Building an anonymised record of UK loan terms is part of how our service works. By ordering a review, you agree that we may keep the commercial terms of your loan in anonymised form, and use, publish and share them as described in our Data use notice. This is a condition of every review.
9.2 The record never includes your business's name, its Companies House number or the names of any people. We own the anonymised record and any analysis we create from it.
10. Reliance and liability
10.1 The report is for your business only. No one else may rely on it, and we owe no duty to anyone other than you.
10.2 You must not rely on the report as the basis for any decision to borrow, sign or give a guarantee. It is one input alongside the advice of your own advisers.
10.3 We are not liable for any loss of profit, business, revenue or opportunity, or any indirect or consequential loss.
10.4 Our total liability under or in connection with each review is limited to the greater of the fee paid for that review and £250,000.
10.5 Nothing in these terms limits liability for death or personal injury caused by negligence, for fraud, or for anything else that cannot be limited by law.
11. Ending the engagement
11.1 Either of us may end the engagement by email before the report is delivered. If you end it after work has begun, the fee is not refunded. If we end it, other than under clause 3.4, we refund the fee in full.
12. Records
12.1 We delete your documents 90 days after delivering the report, and keep a copy of the report and our correspondence for 6 years to deal with any questions or claims.
13. Complaints
13.1 Please raise any concern with complaints@laymanstermsai.co.uk. We will acknowledge it within 2 working days and respond in full within 10 working days.
14. General
14.1 These terms, the review you ordered and the details on your intake form are the whole agreement between us.
14.2 We may update these terms for future reviews. The version you accepted applies to your review.
14.3 These terms are governed by the law of England and Wales, and the courts of England and Wales have exclusive jurisdiction.
Pilot Addendum
This addendum applies to reviews carried out during our pilot. It changes the Terms of Engagement only as set out below; everything else in them applies.
1. No fee. Pilot reviews are free. Clause 6 (Fees) of the Terms of Engagement does not apply. We will not charge you for a pilot review later.
2. Places. The pilot is limited to 20 reviews. We decide which requests to accept, and may decline one without giving a reason.
3. Turnaround. We aim to meet the published turnaround, but during the pilot it may take longer. We will tell you the expected date when we confirm we have everything.
4. Feedback. We will ask for your feedback on the report and the service. Giving it is optional.
5. Testimonials. With your written permission only, we may quote your feedback on our website or in marketing, with your name, role and business name as you agree. You can withdraw permission at any time for future use.
6. Liability. As no fee is paid, our total liability under or in connection with a pilot review is limited to £50,000. Clause 10.5 of the Terms of Engagement still applies.
7. End of the pilot. The pilot ends when we say so on our website. Reviews accepted before then are completed on these terms.
Website terms of use
This website is run by Layman's Terms AI Ltd (company no. 17526497). By using it you accept these terms.
- Information only. The content of this website, including the sample report and the clip, is general information about our service. It is not advice, and you should not rely on it for any decision about borrowing.
- Examples are fictional. Businesses, people and figures in our examples are made up.
- Ordering a review. Reviews are provided under our Terms of Engagement, which you accept when you complete the intake form.
- Accuracy. We try to keep the website accurate and up to date but do not promise it is, and may change it at any time.
- Links. We are not responsible for websites we link to, such as Business Debtline.
- Our content. The text, design, logo and clip belong to us. You may view and share pages for personal or internal business use, but not copy or reuse them commercially without permission.
- Liability. We are not liable for any loss arising from use of this website, except where the law does not allow us to exclude it.
- Privacy. Our Privacy notice explains how we use any personal data.
- Law. These terms are governed by the law of England and Wales.
Contact: admin@laymanstermsai.co.uk.