Define guarantee

Word Origin late 17th century (in the sense ‘guarantor’): perhaps from Spanish garante, corresponding to French garant (see warrant), later influenced by French garantie ‘guaranty’. Definition of guarantee. The washer comes with a guarantee against major defects. See all full list on thefreedictionary. He who makes a guaranty.

GUARANTOR, contracts.

A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal. Something that assures a particular outcome or condition: Lack of interest is a guarantee of failure. A promise or assurance, especially one given in writing, that attests to the quality or durability of a product or service. A pledge that something will be performed in a specified.

Law) law a promise, esp a collateral agreement, to answer for the debt, default, or miscarriage of another. In English law, a guarantee is a contract whereby the person (the guarantor) enters into an agreement to pay a debt, or effect the performance of some duty by a third person who is primarily liable for that payment or performance. Commerce) a person who acts.

The extent of the debt that the guarantor is liable to this debt is co-extensive to the obligation of the third-party. If a baseball player guarantees his team will win the World Series, he better not lead the league in strikeouts. The bank had a guarantee in terms of their relationship between the actual property and the.

What does guarantee mean? Oxford Dictionaries as A formal assurance (typically in writing) that certain conditions will be fulfille especially that a product will b. Because of the general nature of a bank guarantee , there are many different kinds: A payment guarantee assures a seller the purchase price is paid on a set date. An advance payment guarantee acts as collateral for reimbursing advance payment from. A credit security bond serves as collateral for. To confirm that something, usually something negative, will not happen.

I certainly hope that nothing catastrophic happens,. The software comes with a money-back guarantee. Usually,there must be some consideration passing to the guarantor unless the instrument creating the obligation (note, lease) is signed at the same time as the guarantee ,in which case the law assumes the guarantor has some interest in the transaction. A guarantee is a written promise by a company to replace or repair a product free of charge if it has any faults within a particular time. Guarantee agreements must be in writing to be enforceable.

Such an arrangement is known informally as a “play-or-pay” contract. A guarantee also outlines what will happen should the buyer not be satisfied with his purchase. Usually, the party receiving the guarantee will first try to collect or obtain performance from the debtor before trying to collect from the one making the guarantee (guarantor).

Person means (a) any letter of credit, bankers acceptance, surety bon performance bon bank guarantee or other similar obligation issued for the account of such Person to support only trade payables or nonfinancial performance obligations of such Person, (b) any letter of credit, bankers acceptance, surety bon performance bon bank guarantee or other similar obligation issued for the account of such Person to support any letter of credit, bankers. The patient, caregiver, or entity responsible for payment of the health care bill. Laws governing who may serve as a guarantor vary from state to state.