Definition for 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’. What does guarantee mean? Guarantee definition is - guarantor. How to use guarantee in a sentence.

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).

English dictionary definition of guarantee. It has a one-year guarantee that covers parts and labor. The Government is guaranteeing that people who purchase water will now have a guarantee of repairs and spare parts. 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. In other words, if the debtor fails to settle a debt, the bank covers.

Definition of guarantee in the Definitions. Information and translations of guarantee in the most comprehensive dictionary definitions resource on the web.

Meaning of guarantee. In only very specific legal situations will the use of guarantee vs. Legally, a guarantee , as opposed to a warranty, can also be describe as a promise to be responsible for another’s debt or obligations.

For example, a parent may guarantee a child’s car loan. It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for him. To assume or take responsibility for a debt or other obligation. To make something certain. The long sunny days guarantee a good crop.

The bank had a guarantee in terms of their relationship between the actual property and the. A guarantee also outlines what will happen should the buyer not be satisfied with his purchase. The definition of a guarantee is a promise that something will happen. An example of guarantee is a document stating that a new barbecue grill will be repaired free of charge for the first two years after purchase. Synonyms for guarantee at Thesaurus.

Find descriptive alternatives for guarantee. A guarantee is a legal promise made by a third party (guarantor) to cover a borrower’s debt or other types of liability in case of the borrower’s default. Loans guaranteed by a third party are called guaranteed loans.

Bank Trust National Association, in its individual capacity and as Class A Trustee, Class B Trustee, Subordination Agent and Loan Trustee, as the same may be amende supplemented or otherwise modified from time to time in accordance with its terms. It is a type of warranty that a bank provides individuals to provide loan, payment or services to start any business activity. This is a surety that is provided by a bank or a. View the pronunciation for guarantee. A bank guarantee is a promise from a bank or other lending institution that if a particular borrower defaults on a loan, the bank will cover the loss.

Note that a bank guarantee is not the same as a letter of credit (see the differences between those two below).