Guarantee

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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


Other links

Bank guarantees, letters of credit and performance bonds, The Treasurer 2013