Guarantee
From ACT Wiki
1.
To assume the liability for debts of another in the event of the other's default.
2.
The undertaking so given.
In English law, a stronger form of security than a guarantee would be a bond, a bond being a direct primary obligation from the issuer of the bond, such as a bank or insurance company.
3.
A manufacturer's or supplier's formal promise about the quality or performance of goods, usually given for a pre-defined period after purchase.
Also known as a 'warranty'.
See also
- Accommodation finance
- Advance payment guarantee
- Bid bond
- Bond
- Contingent liabilities
- Counter-indemnity
- Customs guarantee
- Downstream
- Guarantee line
- Guarantor
- Indemnity
- Limited liability
- Performance guarantee
- Retention guarantee
- Security
- Surety
- Tender guarantee
- UK Finance
- Upstream
- Warranty
