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I am a club professional under a contract of engagement at a private golf course.
The pro shop is my business and i am paid a retainer for services provided to approx 850 members.The members win vouchers in competition redeemable through my shop.
The board has now asked me to guarantee the members credit by bank guarantee.
I hold approx $27000 in credit on members accounts redemmable in product/services from the pro shop.This means i would have to have set up a term deposit acc with this money set aside for duration of contract.A bit harsh considering i have been their club pro for 15 years completely incident free.But as committees come and go there is always one cowboy trying to change the world. So this deed of comfort i may be able to use as another avenue.I want to know if and how i could use this in my situation so i dont have to fund this money.
The main question is can a deed of comfort draw up by a lawyer suitable as a guarantee in this situation