Releasing Contract Security

Two releases of security are required when using either a Bank Guarantee or Retention contract security types.  One release of security is performed when the status of the contract is Practical Completion and the second release of security is performed after the Final Certificate is created.

Tip: Not seeing the Contract Administration module? Contact Total Synergy Support to request this to be added to your Synergy licence.

Before releasing security at Practical Completion

ClosedStep 1: Change Contract Status

Where: Contract > Contract status

Set the status to Practical Completion.

ClosedStep 2: Create Notice of Practical Completion

Where: Contract > Notices tab > New Notice

  1. Select Notice of Practical completion.
  2. Select the relevant template.
  3. Save.
  4. MS Word® will open, make relevant changes and save.
  5. Select the Notices tab within the Contract.
  6. Mark the Notice as Issued .

Tips:

Before releasing security at Final Completion

ClosedStep 1: Change Contract Status

Where: Contract > Contract Status

Set the status to Final Completion.

ClosedStep 2: Create Final Certificate

Where: Contract > Documents > Certificates

  1. Select Final Certificate.
  2. Select the relevant template.
  3. Click Next.
  4. Enter the amount of interest earned on the retention amount (less bank fees).
  5. Enter the amount payable to the owner not previously claimed as set-off monies.
  6. Click Finish.
  7. MS Word® will open, make relevant changes and save to the Contract directory.

Tip: Learn how to create the final certificate.

Release the contract security

Where: Contracts > Transactions

ClosedComplete the following steps
  1. Ensure the contract has the correct status.
  2. Select Release Contract Security.
  3. Enter the amount of any funds drawn by the owner.
  4. Specify the date released.
  5. Save.

Create the certificate of release of security

Where: Contracts > Documents > Certificates

ClosedComplete the following steps
  1. Select Certificate for Release of Security.
  2. Select the document template to use.
  3. Finish.

Tip: Register your existing Certificate document, so the fields from the Contract in Synergy can be exported to MS Word®. You can download a template, if you don't have a certificate document.

View or undo a release of security

Where: Contracts > Transactions

ClosedComplete the following steps
  1. Select View/Undo Security Releases.
  2. Click Undo Last Security Release.
  3. Click YES to confirm.
  4. OK.
  5. Close.

Want to learn more?

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