What is guarantee

guarantee | American Dictionary a promise that something will be done or will happen, esp. a written promise by a company to repair or change a product that develops a fault within a particular period of time: [ C ] The vacuum cleaner comes with a two-year guarantee.

What is called guarantee?

: an assurance for the fulfillment of a condition: such as. : an agreement by which one person undertakes to secure another in the possession or enjoyment of something. : 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.

What is an example of a guarantee?

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 guarantee and its types?

Types of Guarantee-\n\n There are two sorts of guarantee contracts: specific guarantee and ongoing guarantee. A specific or simple guarantee is one that is made in respect of a single debt or unique transaction and is set to expire when the guaranteed debt is paid or the promise is fulfilled.

What is a guarantee in a contract?

1) v. to pledge or agree to be responsible for another's debt or contractual performance if that other person does not pay or perform. 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).