Managing Suite Contracts

Suite contract records define the ownership type of the suite, any additional details for that ownership type and access dates for the suite. Suite contracts will generally reflect the Lease agreement or split agreements that are in place for a Suite.

Suite contract records are "date bound", that means they have a start and end date defined for when their information is valid and applied. This lets you define multiple contract records although only one is active at a given time.

Access Dates

For restricting access for booking purposes Access dates on contracts are strictly enforced. If a Suite does have a contract with access dates for the period in question then no booking can be made for that period. If you are looking to book a reservation for a long term (over 12 months) into a Suite that has an expiring contract you will need to create a temporary contract to cover the period for the reservayion, evene if the actual contract is not yet finalized.

Ownership Types

Valid Ownership Types for a Suite are

• Owned - The suite is owned directly by Premiere
• Leased - The suite is leased by Premiere
• Split - The suite is governed by a split arrangement whereby Premiere pays a percentage of rental revenue to the ownership
• Outside partner - the suite is owned and managed by an outside partner and only used by Premiere on an as-needs basis.

Depending on the type of ownership selected for your suite a number of additional fields may be required. For leases the lease amount field, for split arrangements the split percentage for the contract. Both lease and split ownership types have a required landlord - this is who payments will be made to - and a toggle for controlling AP record generation. When this toggle is turned on the system will create AP records as appropriate for this contract - lease payments or split payments when reservations are booked.