Guarantee creation

Owned by Petra Jankovicova
Nov 18, 2024
3 min read

This chapter describes the process of contract guarantee creation. The list of contract guarantees can be found on Financing Card under tab Home/Guarantees.

 

guarantees.png

 

Click on this button to open the Contract Guarantees List. Guarantee can be created using button New. Empty Contract Guarantee Card is opened to add new entry.

Contract Guarantee Card

contract gua.png

General

  • No. – system automatically fills number if defined in No. Series

  • Financing Contract No. is populated automatically with the actual contract number

  • Guarantor No.  – Guarantor can be selected from List of Contacts

  • Subject Name – Contact Name

  • Guarantee Type – values defined in table Guarantee Types are displayed. List can be modified in OneCore Setup.

  • Guarantee Type Description

  • Date range of validity

  • Status – Preparation, Active, Closed – status must be changed manually from Preparation to Active or Closed

  • Currency – to be filled in case local currency is not used

  • Nominal Value – can be manually inserted by user, it is unadjusted value of an asset without taking into account deductions and premiums

  • Nominal Value Date = workdate

  • Current Value – can be manually inserted by user, it is the price at which the asset could be sold or settled as of the current date

  • Current Value Date = workdate

  • LTV % - calculated as Nominal Value/Principal Amount, can be modified

  • Last Modify Date = workdate

  • Total Actual Market Value -  calculated field, total of Actual Market Values inserted on Contract Guarantee Object Cards

 

Contract Guarantee Object Card

 

General

  • Guarantee No. is filled automatically

  • Guarantee Object no. – automatic numbering, increasing by 1 with each new object within the guarantees on particular contract

  • Object Name – text field

  • Description – text field

  • Object Address Code – alternative address code of particular contact

  • Actual Market Value – numerical field allowing to insert the actual value of the object

Property

  • Expert Evidence Currency – possible to choose currency

  • Expert Evidence Value – numerical field

  • Expert Evidence Date – current date time

 

Guarantee Co-Guarantor card

  • Co-Guarantor – the list of available contacts

  • Subject Name – filled automatically based on selected contact

  • Description – text field

 

Guarantees is is possible to insert, edit or delete in any contract state. The contract guarantee can be removed using the Remove from the list of contract guarantees or directly from the card of the contract guarantee. Deletion can only be done in Guarantee Status = Preparation. Confirm by choice Yes the record is deleted, including the Guarantee Object and Co-Guarantor cards that were created under the contract guarantee. It is not possible to remove the guarantee in Guarantee Status = Active, in this case, the system will display an error message