In the UK, a “lien against real property” in legal jargon – using land and buildings as security – requires a solicitor (for no other good reason than to protect the solicitors’ monopoly on conveyancing transactions). Generally, these are harder to value, and therefore riskier to accept. The security could be an intangible asset, such as shares in the lending company, or the right to receive a debt owed by someone else. Stock may be easy to sell (provided it is not perishable or out of date), where as heavy, fixed specialist machinery may be difficult to acquire from the debtor and difficult to sell on. The lender is also likely to insist on an independent valuation or confirmation of value.įrom the lender’s point of view, the more easily the asset can be acquired and sold, the less risky it is to lend against it. For these types of purchases, the lender often requires the borrower to make a deposit that reduces the loan amount below the second-hand value of the security. However, some assets (new vehicles being a very good example) devalue immediately after purchase. Often the asset that the borrower buys with the loan is used as security. The lender will want to make sure that the asset is at least as valuable as the outstanding loan, so that if the borrower defaults, the loan can be repaid. What types of assets are commonly used as security? Security should be important to the lender, whether the borrower is an individual, or a company. Under the loan agreement, the lender could have the right to take ownership of the asset in place of the repayment, or he or she might have the right to insist that the asset is sold to repay the outstanding loan and interest (and perhaps other unpaid expenses), with the remainder of the proceeds returned to the borrower. A written step-by-step guide should be distributed for them to refer to and it may be helpful to produce a safety checklist for your lone workers to follow until procedures become routine.With reference to lending, security or collateral, is an asset that is pledged by the borrower as protection in case he or she defaults on the repayment. When first introducing new work alone procedures, it is important to provide briefing and training for your lone workers so that they know exactly what is expected of them. This is why it is important that your procedures are made compulsory and you avoid any language that could suggest a choice such as ‘you should’ or ‘you could’. However, implementing as many procedures as is necessary can save lives. This is not an exhaustive list and there are many more scenarios that will require a lone worker procedure. What to do when unauthorised visitors attempt to enter a building where the employee is working alone.What to do when a client shows signs of aggression.What to do in an emergency including evacuation procedures and who to contact.How and when to use any lone worker solutions, such as apps or devices.How the lone worker should check-in with their supervisor and how often.You may find it useful to write a number of procedures suitable for different groups of employees so that they are able to digest the correct information easily. You should document your lone worker procedures in your lone worker policy document.
Safety policy and procedure template series#
A lone worker procedure refers to a series of steps that need to be followed in order to work alone safely.
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