Typos and grammatical errors in the spelling of money amounts can cost a lot for your contracts. In Loio, we define such high-risk errors in sums as Critical Issues in Money. For low-risk mistakes, check the Mild Issues in Money.
Let’s learn more about Critical Issues in Money that Loio identifies and suggests fixing:
For instance, if the money amount is less than one, make sure you write only one zero before the decimal point (e.g. “$0.87” but not “$00.87”). Don’t add extra decimal zeros in round numbers to prevent possible confusion (e.g. “$5,000” instead of “$5,000.00”). However, when spelling out numbers with decimals, we recommend to keep the decimal number spelled in figures (e.g. “seven dollars” and “55 cents”).
Words and numbers don't match
Mixing up the numbers and words is a common typo that can lead to real damage. Loio checks if the amounts stated in letters correspond to their numeric expressions and lets you know if there's an issue.
Inconsistently stated currency
Don’t write out the currency if there is already a sign or code indicated. Loio double-checks all currency signs or codes in your contract to make sure the currency of money amounts is consistently stated in all parts of a contract.
Misplaced currency sign or code
Currency sign (e.g. $) or code (e.g. USD) should always come before the numeric money amount. Loio points out when they are written in the wrong order.
Incorrect dollar abbreviation
Use internationally approved dollar abbreviation forms like USD, CAD, AUD. Loio points out any incorrect dollar abbreviations.
Inconsistent amount spelling
Hundreds and thousands should be spelled in words only or numbers only, but never both (e.g. “five hundred dollars” or “$500” but not “5 hundred dollars”). Combining words and numbers works only with millions and billions (e.g. “3 million dollars”).
Big amount abbreviation
Don’t use abbreviations for millions and billions when indicating money amounts. Write the full figure instead to prevent possible confusion.
Incorrect euro spelling
The official spelling of EUR as a currency unit within English is “euro” with “e” as a lower case letter. Don’t capitalize the word “euro” in your document. The plural spelling stays unchanged (“euro” instead of “euros”).
Misspelled small amount
If the money amount is less than one, write only one zero before the decimal point (e.g. “$0.56” but not “$00.56”).
With Loio, you can automatically fix all Critical Issues in Money. Choose the needed match and click on the correct version in blue that our plugin suggests.
Note that Loio can’t fix inconsistent amount spelling found in your contract. However, Loio still pinpoints a potential problem with amount spelling, so you can double-check and fix it manually.
Remember that you can always opt to remove any suggested issue by clicking 'Dismiss'.
We hope that the aforementioned list of Critical Issues in Money can help you prevent possible detrimental mistakes and secure a successful agreement.