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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.
What does the word guarantee?
1 : a promise that something will be or will happen as stated a guarantee against defects. 2 : something given as a promise of payment : security. guarantee. verb. guaranteed; guaranteeing.
Does guarantee mean 100?
guarantee | Business English
to promise that something will happen or is true: guarantee sb sth European Airlines guarantees its customers top-quality service. guarantee that sth is sth We guarantee that our products are 100% safe.
What is guarantee example?
As a noun, guarantee is “an agreement assuming responsibility to perform, execute, or complete something and offering security for that agreement.” As a verb, it can assure someone that you have confidence in your product or service. For example: I guarantee that you'll love this product or you'll get your money back!
What is the legal definition of guarantee?
What is a guarantee? 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).
Why is a guarantee important?
Why are guarantees and indemnities important? Guarantees and indemnities are a common way in which creditors protect themselves from the risk of debt default. Lenders will often seek a guarantee and indemnity if they have doubts about a borrower's ability to fulfil its obligations under a loan agreement.
What is the difference between Guaranty and 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.
Which is better guarantee or warranty?
A warranty is a guarantee of the integrity of a product and of the maker's responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.
What is difference between LC and BG?
A Bank Guarantee is similar to a Letter of credit in that they both instil confidence in the transaction and participating parties. However the main difference is that Letters of Credit ensure that a transaction goes ahead, whereas a Bank Guarantee reduces any loss incurred if the transaction does not go to plan.
What does can't guarantee mean?
DEFINITIONS4. to make it certain that something will happen or exist. The government provides help for small businesses, but it cannot guarantee their success. guarantee (that): We can't guarantee that you will get the cheapest fare possible.
What type of word is guaranteed?
To guarantee is to promise or to a make binding agreement. If a baseball player guarantees his team will win the World Series, he better not lead the league in strikeouts. Guarantee is a word that is both a noun and a verb: the noun means "a binding agreement" and the verb is the act of making that agreement.
Which is the best synonyms for guarantee?
Is guaranteed to synonym?
In this page you can discover 60 synonyms, antonyms, idiomatic expressions, and related words for guaranteed, like: ensured, assured, bonded, certificated, affirmed, unsupported, unendorsed, insured, ascertained, vouched for and uncertain.
What is the opposite meaning of guarantee?
Opposite of an assurance of a particular outcome, or that certain conditions will be fulfilled. breach. contravention. infraction. infringement.
What makes a guarantee valid?
The main technical requirement for a guarantee to be valid is that it must be in writing and signed by the guarantor or a person authorised on the guarantor's behalf. Reliance cannot therefore be placed on a verbal assurance that one party will 'see another right' or some such.
What is BG limit?
Bank Guarantee Limits
In such a case, getting a BG limit is beneficial; this means the bank from time to time can issue BGs to the applicant with the upper limit being the sanctioned “BG Limit Amount”. BG limits are classified as “Non-Fund Based” limits.
What is BG commission?
As per bank circular BG commission charges 0.30% per month. Bank is charging the commission on full amount. But sum bank charge the commission per thousnd amount, i.e. 2892000/1000*0.30 per month amount is Rs. 867.60.
Which are the types of bank guarantee?
Types of Bank Guarantee
- Performance Guarantee. Performance guarantee is used as collateral in transactions involving a buyer and a seller. ...
- Bid Bond Guarantee. ...
- Financial Guarantee. ...
- Advance Payment Guarantee. ...
- Foreign Bank Guarantee. ...
- Deferred Payment Guarantee.
How many years is a lifetime guarantee?
A lifetime warranty can mean the life of the product; once a manufacturer stops making replacement parts, the warranty ends. It can also mean as long as a company is in business, or as long as you are the first owner.
What does a guarantee cover?
A guarantee is an agreement from the manufacturer confirming that they will repair or replace an item if something goes wrong within a certain amount of time after you buy it. ... It is similar to an insurance policy and covers the product beyond the manufacturer's guarantee period.
What is a lifetime guarantee?
A lifetime warranty is usually a warranty against defects in materials and workmanship that has no time limit to make a claim, rather than a warranty that the product will perform for the lifetime of the buyer. ... HP Networking product lifetime warranties last for as long as one owns the product.
How does a guaranty work?
A guaranty of payment is an independent agreement by a person or an entity to pay the loan when it goes into default. Even if the borrower is unable or unwilling to pay back the loan, the Bank can require the guarantor to pay it back. ... The guaranties in most commercial loan transactions are continuing guaranties.
How do you pluralize guaranty?
The plural form of 'guaranty' is 'guaranties'.
Who can be a guarantee?
Can anyone be a guarantor? Almost anyone can be a guarantor. It's often a parent, spouse (as long as you have separate bank accounts), sister, brother, uncle or aunt, friend, or even a grandparent. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.