What do you mean by guarantee?
a : an agreement by which one person undertakes to secure another in the possession or enjoyment of something. b : an assurance of the quality of or of the length of use to be expected from a product offered for sale often with a promise of reimbursement The washer comes with a guarantee against major defects.
Which is correct guaranty or guarantee?
Guarantee can refer to the agreement itself as a noun, and the act of making the agreement as a verb. Guaranty is a specific type of guarantee that is only used as a noun.
Who is a guarantee and guarantor?
What is a guarantor and guarantee? A guarantor is a person, third party or organisation that agrees to guarantee your loan. The guarantee is a legal assurance given by the guarantor to pay the loan if the borrower defaults and is unable to pay.
What is another word for guarantee?
What is another word for guarantee?
| assurance | pledge |
|---|---|
| warranty | affirmation |
| avowal | bond |
| deal | guaranty |
| agreement | attestation |
What does guarantee mean in business?
Key Takeaways. A business guarantee is a commitment made by a business to honor the debts incurred under its company credit cards. It is similar to the personal guarantees extended by individual cardholders.
What is guarantee contract?
—A ‘contract of guarantee’ is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
Why is it spelled guarantee?
“Guarantee” is derived from an Old French word, garantir meaning “to protect”. When English adopted certain French words, a “u” was often inserted to mark the “g” as a hard sound, as in “guest” and “guilt”. The long “e” at the end of “guarantee” is also spelt “guaranty”.
How do you spell guarantee plural?
4
- 2 guarantee /ˌgerənˈtiː/ verb.
- guarantees; guaranteed; guaranteeing.
- guarantees; guaranteed; guaranteeing.
What is a guarantee agreement?
Guaranty Agreement — a two-party contract in which the first party agrees to perform in the event that a second party fails to perform. Unlike a surety, a guarantor is only required to perform after the obligee has made every reasonable and legal effort to force the principal’s performance.
Does guarantee mean to make sure?
A guarantee is also an assurance of a particular outcome or condition, as in Weather predictions are not guarantees. Weather often changes quickly. To guarantee something is to secure something, as a ticket guarantees entry to a movie showing.
How do you use guarantee in a sentence?
Guaranteed sentence example
- No one is guaranteed a free ride.
- In that world, everyone will be guaranteed a minimum income.
- It’s not guaranteed, but it’s a shot, she said.
- At the same time he assured them that absolute liberty would be guaranteed to the deliberations of a conclave.
Is a guarantee a contract?
A guarantee is a contractual promise to: Ensure that a third party fulfils its obligations (pure guarantee); and/or. Pay an amount owed by a third party if it fails to do so itself (conditional payment guarantee).
What is the meaning of guarantee in marketing?
Guarantees Definition: A pledge, usually in writing, given by a company to any customers that something is of specified quality, content, benefit or that it will provide satisfaction or will perform or produce in a specified manner.
What is guarantee in business?
A business guarantee is a commitment made by a business to honor the debts incurred under its company credit cards. It is similar to the personal guarantees extended by individual cardholders.
Is guarantying a word?
1. A promise to be answerable for the debt or obligation of another in the event of nonpayment or nonperformance. 2.
Why is a guarantee important?
Guarantees tend to be more advantageous to the guarantor because they confer certain rights including: Right to indemnity. Once the guarantor pays the beneficiary under the terms of the guarantee, it has a right to claim indemnity from the principal provided that the guarantee was given at the principal’s request.
What is a guarantee in business?
A guarantee is a written statement provided free of charge by the manufacturer. It usually includes assurances about the quality of the item, or service, as well as a promise to provide repair or replacement if something goes wrong within a set amount of time (for example, within 12 months after purchase).
What is a guarantee document?
A letter of guarantee is a type of contract issued by a bank on behalf of a customer who has entered a contract to purchase goods from a supplier. The letter of guarantee lets the supplier know that they will be paid, even if the customer of the bank defaults.