Edit a Guarantee

Once you have created a guarantee in Fairways Guarantees, its profile displays with additional fields to complete.

Edit a Guarantee
  1. Navigate to Guarantees.
  2. Click to open the guarantee to edit.
  3. Click Edit beside a section to edit relevant details.
  4. Edit relevant details.

Note: Fields marked with an asterisk * are mandatory.

  1. Click Save to confirm the edits.
Field Description
Reference Code

Unique reference number, automatically generated by the system. The reference follows this format: {SMALL_YEAR}.{GUARANTEES_GLOBAL_#####}

E.g. 17.01895


Guarantee type.

Purpose Guarantee purpose.
Type of Commitment Type of commitment of the guarantee.
External Reference Code Guarantee reference allocated by the guarantor.
Currency Guarantee currency.
Initial Amount Initial amount of the guarantee.
Country Guarantee country.
Description Additional details about the guarantee.
Third Party & Dates
Field Description

The principal asks a third party to act as a guarantor on its behalf.

The guarantee displays in the off-balance sheet commitments of the principal.

The principal is financially liable if the guarantee is called upon. The principal bears the costs of the subscription and the maintenance of the guarantee.

Applicant Each entity of the group can subscribe a guarantee on behalf of one of its subsidiaries, which will be then considered as the applicant.
Beneficiary Party who receives the issued guarantee to be assured that they get what they ask.

The beneficiary has the right –under certain conditions– to call upon the guarantee.

Guarantor Intermediary committed to the beneficiary on behalf of the principal. In general, the guarantor is a bank or the parent entity.
Local Guarantor Local guarantor of the guarantee.
Authorization Date Date mentioned on the letter of instruction or letter of order sent to the bank.
Effective Date

If the guarantee is:

  • Direct: Date mentioned in the guarantee
  • Indirect: Date mentioned on the swift between the guarantor and the local guarantor.

In general, it is also the date from which bank fees are accrued.

Nominal Expiry Date Expiry date of the guarantee as defined in the contract. The guarantee period can be extended or reduced.
Release Date Date on which the commitment is no longer taken into account in the records of the guarantor. This field is mandatory in order to switch the guarantee status to Closed both in the software and in the accounting records of the entity. In general, it is the date until which bank fees are accrued.
Auto Release Enable or disable the auto release of the guarantee.
Related Documentation
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