Contracts and Payment Schedules
The customer is sold and it’s now imperative to get a clean contract out with all the details correct to ensure there is no delay in signing and close the deal.
YachtSpec does this quickly in one simple click but, as importantly, the user can be confident that the latest terms and conditions are being used under the correct legal entity. When creating the contract all the details of the latest quote are used meaning none of the errors occur that might when using more traditional methods. A YachtSpec contract provides:
- A summary page with core details about the customer, the boat and total prices.
- A detailed description of any options added to the boat.
- Lists components of any packages – essential when the manufacturer changes what’s included in a package.
- A payment schedule describing the dates and sums of amounts payable.
- The terms and conditions of the sale. These are specific to where the boat’s sale will be contracted as this may vary the dealer’s legal entity and terms.
- A signature page.
A heads of terms facility allows the broker to generate a less binding contract that would typically be used at boat shows where a cooling off period is permitted.
In either case YachtSpec will prompt for a holding deposit that naturally reduces the net balance due from the customer.
YachtSpec automatically creates a payment schedule when creating a contract based on the default payment schedule for the manufacturer. This schedule can be tailored for each deal and the broker specifies the date when monies are due for each stage specified.
Statements and Receipts
YachtSpec makes it easy to track monies received from the customer / lender and the receipt of any part exchange against the payment schedule as specified in the contract. When entering a receipt of funds, YachtSpec will ask the user to allocate the splits of the total sum to the appropriate stage payment(s), specify the date the money was received and build a historical note of the payments received.
An automated receipt can be provided to the customer together with a statement describing any remaining balances due as compared to total for each stage in the payment schedule.
A YachtSpec Advanced Reports function can generate a cashflow analysis detailing the cash in from the customer and the cash out to the manufacturer over the period of contract to handover.