Bank guarantees, letters of credit and bonds
Keep every guarantee a tenant gives you, with the bank, amount, expiry and last day to claim. The property manager is told 60 days before it expires, and you record a call or a release.
PLANSScale only
The problem it solves
- A tenant's bank guarantee expires in a drawer, and you find out when you need to call it.
- Nobody knows which guarantees cover which leases, or for how much.
- When a guarantee is called, the date and amount are only in an email.
How it works
- Open Lease > Leasing > Leases > Bank Guarantees > New, or the lease's Guarantees tab.
- Pick the kind, the lease, the bank or guarantor, the amount, issued on, Expires On and Claims Until, and attach the document.
- Each day the guarantees are checked. Sixty days before expiry the property manager gets Guarantee Expiring by email and in the app.
- If the tenant defaults, press Call: the guarantee is marked called with the amount and date, noted on the lease.
- At the end of the lease, press Release.
- A guarantee past its Claims Until date, or its expiry when there is none, is marked Expired by itself.
Everything it does
Kinds
- Bank Guarantee, Letter of Credit, Corporate Guarantee, Insurance Bond
Fields
- Number, kind, lease (the tenant and Entity follow), bank or guarantor, amount, issued on, expires on, claims until, document, note
- Called amount and date, released date
- Active, Called, Released, Expired
Reminders
- Guarantee Expiring 60 days before the expiry date, once per expiry date
- A new expiry date (an extension) gets its own reminder
- Filters Active and Expiring in 60 Days
Calling and releasing
- Only an active guarantee can be called or released
- A call records the full amount; the money itself is entered in your accounts
Who uses it
Lease userRecords guarantees when leases are signed and attaches the document.
Property managerGets the expiry reminder and asks the tenant for a renewal.
Lease ManagerCalls a guarantee on default or releases it at the end.
Where you use it
- Web: Lease > Leasing > Leases > Bank Guarantees, and the lease's Guarantees tab
- Not on the tenant's pages or in the apps
What you control
Settings
- Reminder: 60 days before expiry, fixed
Notifications
- Guarantee Expiring: to the property's manager, or the lease's salesperson when the property has none; by email and in the app
- Each person can switch off the email for themselves; in-app notices always arrive
Questions
Who is told before a guarantee expires?
The manager of the lease's property, 60 days before the expiry date, by email and in the app. If the property has no manager, the lease's salesperson is told.Can I call part of a guarantee?
Not from the screen today: Call records the full amount and the date. Note a part call in the guarantee's note and post the money in your accounts.Does calling a guarantee post money in the accounts?
No. It records the call on the guarantee and the lease. Enter the money received from the bank in your accounts.Which plan has it?
Scale.Related features
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See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.