Letters of guaranties (L/Gs) are used to record guarantee details, including the beneficiary, issuer, responsible party, guarantee type, and requested value. Use this form when you need to create and retain an L/G record for financial or contractual tracking. Finance and project users can also attach supporting documents to the record.
Workflow
Open L/Gs from the main application navigation, then open a new Letters Of Guaranties form.
Letters Of Guaranties
Save
Enter the guarantee parties and classification details:
Beneficiary: enter the party that benefits from the L/G.
L/G Issuer: enter the organization issuing the L/G.
On Behalf of: enter the party for whom the L/G is issued.
L/G Type: enter the type of guarantee.
Requested L/G Value: enter the requested guarantee value.
Note: Review the beneficiary, issuer, and requested value before saving. These details identify the L/G record for later reference.
Decide whether supporting documentation is required:
To add a document by drag and drop, place the file in or Drop a file here.
To browse for a file, select Attach, then use Select to choose the file.
Letters Of Guaranties
Save
Decide how to finish the entry:
Select Save to save the L/G and remain on the form.
Select Save and Close to save the L/G and close the form.
Tip: Use Save when you need to review the entered information or add an attachment before leaving the record. Use Save and Close when the L/G entry is complete.
Examples
A project requires a bank guarantee for a customer contract.
Open L/Gs and start a new L/G record.
Enter the following details:
Beneficiary: Northstar Construction Ltd.
L/G Issuer: Meridian Bank
On Behalf of: Apex Engineering LLC
L/G Type: Performance Guarantee
Requested L/G Value: 250,000
Attach the issued guarantee request by selecting Attach and then Select, or by dropping the file into or Drop a file here.
Select Save to retain the record while reviewing the attachment.
When the information is complete, select Save and Close.
Tips
Tip: Use a consistent L/G Type description so that similar guarantees are easier to identify.
Note: Attach the relevant guarantee request or supporting document directly to the L/G record when available.
Warning: Ensure that the requested value is entered carefully before saving, particularly for high-value contractual guarantees.
Troubleshooting
Symptom: You cannot see the supporting document on the L/G form. Likely cause: The file has not yet been attached. Fix: Use Attach and Select, or place the file in or Drop a file here, then select Save.
Symptom: The form closes before you finish reviewing the L/G. Likely cause:Save and Close was selected. Fix: Reopen the L/G record and use Save when you need to remain on the form.
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