Projects and tenders
Keep a register of bank guarantees
Record bid, performance and advance-payment guarantees against a tender, award or service contract, follow their expiry, and record issue, extension, release or claim.
3 min readLast updated
In this article
Bank guarantees tie up credit lines and expire on fixed dates. A forgotten guarantee keeps costing bank fees; an expired one can lose you a contract. The guarantees register keeps every bond in one list with its status and expiry, and reminds you before each one runs out.
Add a guarantee
Open CRM › Projects & Tenders › Guarantees and select Add guarantee. You can also add one from a tender or an award; it is then linked automatically.
Under Belongs to, choose the Tender, Award or Service contract it is for. A guarantee belongs to exactly one of them.
Choose the Guarantee type and the Beneficiary.
Enter the Amount and Currency, or the Percent of contract %. The system shows the contract value it calculates against; for a tender this is the current offer's total, or the opportunity's amount when there is no offer yet. The amount and the percentage are calculated from each other; in another currency they are not linked.
Enter the Issuing bank, the Bank reference, the Issue date and the Expiry date.
Add Notes and the scanned guarantee under Documents, then select Save.
Follow the guarantee
Status | Meaning | Next actions |
|---|---|---|
Requested | You asked the bank for it. | Issue, Release |
Issued | The bank issued it. | Extend, Release, Claim |
Extended | Its expiry was moved later. | Extend, Release, Claim |
Released | The beneficiary returned it; it is closed. | - |
Claimed | The beneficiary called it. This cannot be undone. | - |
Expired | Its expiry date passed while it was open. | - |
To extend, choose Extend and enter the New expiry date. The new date must be later than the current one.
Expiry reminders
Open guarantees are reminded at 30, 14 and 7 days before their expiry date, to the person who recorded them.
An issued or extended guarantee whose expiry date has passed becomes Expired automatically, every day.
Use Expiring within in the list (30 days, 60 days or 90 days) to plan renewals, or the expiring report in the projects reports.
Find a guarantee
Filter by status, Guarantee type or Expiring within, or search by number, reference or bank. Each row shows the No., the tender, award or contract it belongs to, the amounts, the dates and the Status.
Common questions
The bank extended a guarantee. Do I add a new one? No. Use Extend on the existing guarantee, so its history stays in one record.
Why can't I enter a percentage? There is no contract value to take a percentage of yet, or the guarantee is in another currency. Enter the amount yourself.