Once the agreement is confirmed by you, it will be valid until the end date initially agreed in the agreement and cannot be ended earlier. Agreement ends when the end date arrives or the demand is submitted by the landlord.
If your financial situation happens to change, you do not have to worry, as it does not have any effect on your agreements and guarantees. Nevertheless, please keep in mind that should you wish to extend your guarantee period, it may affect your eligibility for the guarantee extension.
In case your landlord submits the demand, your guarantee agreement ends and you will receive a request to pay the demand amount in 7 days. If the payment is made on time, the case is closed. If the demand is still unpaid by the deadline, the sum is paid out to the landlord by Bailsman. Tenant's debt is handled by Bailsman.
If you have received the invoice from Bailsman for the demand, the invoice must be paid to Bailsman to end the case. Any payment paid directly to any other party, including the landlord, cannot be tracked and registered by Bailsman and can later still be claimed by Bailsman.
If you do not have enough funds to make the payment for the demand invoice, the sum is paid out to the landlord by Bailsman. After that your debt is handled by Bailsman. Bailsman has the right to assign the claim to a third party.
In case you have a demand to your tenant under your lease agreement and you can not settle this demand between yourself, you can submit the demand to Bailsman. For all the guarantees issued to you, Bailsman guarantees to pay to you an amount specified in your demand under the guarantee. Just find the correct guarantee on My guarantees table, specify an amount, and submit a demand to Bailsman. No proof of breach of the tenancy agreement or other documentation is required. The amount is paid out to you within 14 days. Please remember that a demand may be submitted only once with regard to each guarantee.
The tenant cannot end the guarantee early. In case the landlord is sure that he does not need to submit the demand, he can submit on Bailsman platform that he does not have any demand under the guarantee against the tenant. With that, the guarantee agreement ends.