What does guarantee mean

It can mean a lot of things so you have to read the guarantee carefully. What is a guarantor and guarantee? How is a guarantee different from a promise?

Guarantee definition, a promise or assurance, especially one in writing, that something is of specified quality, content, benefit, etc. GUARANTEE (noun) The noun GUARANTEE has senses: 1.

The washer comes with a guarantee against major defects. Guaranteed definition, a promise or assurance, especially one in writing, that something is of specified quality, content, benefit, etc. The bank guarantee means a lending institution ensures that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it.

Types of Guaranteed Loans There are a variety of guaranteed loans. Guarantee is a legal term more comprehensive and of higher import than either warranty or security. 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.

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 guarantee means that if the business becomes unable to repay a debt then the individual is personally responsible. Any promise about the quality, condition, or reliability of a product that a seller makes and that you rely upon when buying a product can create a warranty or guarantee.

A direct statement, either verbally or in writing, promising that a product will meet specific expectations creates an express warranty. Well, guarantee is the strongest of the terms. Warranties and its cohorts often apply to the partial or full coverage of the product’s components.

A money-back guarantee , also known as a satisfaction guarantee , is essentially a simple guarantee that, if a buyer is not satisfied with a product or service, a refund will be made. Other Meanings 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. The problem then becomes—how many years is this exactly?

For example, a parent may guarantee a child’s car loan. Cars with a lifetime guarantee have a large range of years they could last depending on how an owner takes care of it. The most common type of guarantee is a payment guarantee where the guarantor promises the lender the loan will be repaid.

The entity assuming this responsibility is the guarantor.

Parent Company Guarantee Law and Legal Definition Parent company guarantee is a guarantee of performance required by a client from a parent company when a subsidiary company or a contractor is entering into a contract with the client. GUARANTOR, contracts. A guarantee document is drafted from the parent company’s perspective. He who makes a guaranty.

The guarantor is bound to fulfill the engagement he has entered into, provided the principal debtor does not. English dictionary definition of guarantor. One, such as a person or corporation, that makes or gives a promise, assurance, or pledge typically relating to quality, durability, or performance.