The Dative Case Department of Classics

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Learn more. guarantee 1. (Commerce) a formal assurance, esp in writing, that a product, service, etc, will meet certain standards or 2. (Law) law a promise, esp a collateral agreement, to answer for the debt, default, or miscarriage of another 3. (Commerce) a. a person, company, etc, to whom a guarantee is Guarantee definition, a promise or assurance, especially one in writing, that something is of specified quality, content, benefit, etc., or that it will perform satisfactorily for a given length of time: a money-back guarantee. guarantee.

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The letter of The Guarantor becomes obligated to pay an amount, specified in the Guarantee, provided the terms of its Guarantee are complied with. A Guarantee is irrevocable, meaning that once issued it cannot be amended nor cancelled during its validity period without the consent of the parties, i.e. the Guarantor and/or the Beneficiary. guarantee. The act itself,or also the document,whereby one agrees to pay a debt if the principal obligor does not.

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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). Guarantee is a legal term more comprehensive and of higher import than either warranty or "security".

The Dative Case Department of Classics

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If a product has a 30-day guarantee, it automatically puts the idea of returning the item before the time runs out into their minds. The Guarantor becomes obligated to pay an amount, specified in the Guarantee, provided the terms of its Guarantee are complied with.
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a) On the ground of time frame. (i) Retrospective guarantee; (ii) Prospective guarantee; (iii) Continuing  guarantee.

guarantee (plural guarantees).
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2018-01-17 · In many cases, a guarantee is a legal contract that promises repayment of a debt to a lender. This agreement takes place when a guarantor agrees to take on the financial responsibility if the 2020-12-09 · Legally, a guarantee, as opposed to a warranty, can also be describe as a promise to be responsible for another’s debt or obligations. For example, a parent may guarantee a child’s car loan. If the child fails to make payment, the parent will be responsible to the lender for the child’s missed payments.

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guarantee - a formal promise or assurance (typically in writing) that certain conditions will be fulfilled, especially that a product will be  More Swedish words for guarantee. garanti noun. warranty, guaranty, warrant, responsibility, security · garantera verb. ensure, guaranty, avouch, warrant,  Review the guarantee definition finance reference and guarantee fee definition finance 2021 plus loan guarantee definition finance. Homepage. What does  Word, Ensure.

Pete Saloutos/Getty Images The literal meaning is the most obvious or non-figurative sens from The Century Dictionary.