Answers - Real Estate

What is a guarantor?
A guarantor is simply an individual, often a close relative that undertakes to assume the financial liabilities of the tenant including paying the rent in the event that

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

they stop. Where a guarantor enters into an agreement he or she normally agrees to meet the full obligations under the tenancy agreement on the tenant's behalf. This may include rent arrears, d

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

amage to the property, or other liabilities and obligations arising from the tenant's failure to comply with the lease covenants.

The guarantor is contractually bound to accept these legal liabi

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ities of the tenant and will be sued if they don't comply. They would usually need to be a home owner with steady long-term employment if she is to satisfy the requirements of a good credit scor

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

e to become a guarantor.

When should I use one?
Sometimes, the vetting process throws up results that are less than conclusive. Does the tenant struggle on the affordability test? In whic

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

h case if you like the look of them you could always consider using a guarantor.

The use of a guarantor is particularly useful for the following types of tenants who are likely to produce a low

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

core in any referencing process:

* students

* low paid individuals

* individuals with a chequered employment history

How to sign them up
Once the tenant has found an in

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

dividual who is prepared to act in this way; the prospective guarantor should be then subject to the same credit check that the tenant undertook. Assuming that they ‘check out’, then try to meet

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

the guarantor in person early on in the process to explain exactly what is entailed.

Once they understand the process and they are still prepared to proceed, then you will need to get them to s

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

gn a Deed of Agreement. It is worth pointing out that it has to be a Deed to be enforceable under contract law. It’s always a good idea to get the guarantor to sign a copy of the tenancy agreemen

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

t to prove that they were aware of what they were signing up to.

I also prefer the guarantor to be a homeowner.

This has several advantages.

Firstly, especially if they have lived there some t

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ime then the chances are that even if the tenant ‘does a bunk’ they won’t and you will be able to contact them.

Secondly, the fact that they are a homeowner means that it is likely that they hav

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

some collateral, therefore if you do take action to reclaim your money they have assets which you can claim against.

You can check that the guarantor owns their own property by doing a search o

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

n the Land Registry Website at www.landregistry.co.uk . The search costs ?2 to execute.

It worth reiterating the point that in a situation where the tenant has limited financial resources, the

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

evidence points to the fact that there is a much higher chance of reclaiming any debts from the guarantor than from the tenant.

‘Big Mike’ the ideal guarantor
A letting agent friend told me

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

about the ideal guarantor.

His name is ‘Big Mike’. He is 6ft 5’, tattoos and a body builder. Nobody messes with ‘Big Mike’. On the face of it as a landlord your initial thoughts are that you

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

don’t want any dealings with this guy.

However, ‘Big Mike’ is actually the landlord’s best friend and this is why.

For instance the tenant stops paying rent. You sent the tenant a letter with

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

a copy to ‘Big Mike’. Still no rent so you reluctantly go to ‘Big Mike’ for the money as guarantor.

Now ‘Big Mike’ isn’t happy that he is suddenly in a situation where he has to cough up the re

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

t for the tenant. If you as a landlord started calling on the tenant, even sending a fax to their work place this would constitute a legally actionable case of harassment.

However, ‘Big Mike’ u

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

nconstrained by such flimsy bits of legislation is able to exert the appropriate level of ‘encouragement’. Low and behold the tenant suddenly finds the ‘readies’ and the tenancy is back on track

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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