Question: What Is A Guarantee?

What is difference between warranty and guarantee?

Guarantee.

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 the purpose of guarantee?

Guarantee is a security in form of a right of action against a third party called the surety or the guarantor. In simple terms, a Guarantee means the promise to pay another’s debt or fulfill another person’s contractual obligation, if that other person fails to pay his debt or perform his obligation.

What do u mean by Credit Guarantee?

Credit guarantee is the guarantee that often provides for a specific remedy to creditor if his debtor does not return his debt. For getting credit guarantee facility, creditor can take credit insurance policy for covering the risk of bad debt under risk management.

Is it guarantee or guaranteed?

As verbs the difference between guarantee and guaranteed is that guarantee is to assure that something will get done right while guaranteed is (guarantee).

What is another word for guarantee?

In this page you can discover 74 synonyms, antonyms, idiomatic expressions, and related words for guarantee, like: declare, evince, wager, testify, evidence, affirm, give bond, ensure, mortgage, attest and aver.

What do you mean by guarantee?

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. … a person who gives a guarantee or guaranty; guarantor. a person to whom a guarantee is made.

What is guarantee example?

The definition of a guarantee is a promise that something will happen. An example of guarantee is a document stating that a new barbecue grill will be repaired free of charge for the first two years after purchase. … Lack of interest is a guarantee of failure.

How does a guarantee work?

A bank guarantee, like a letter of credit, guarantees a sum of money to a beneficiary. … The guarantee can be used to essentially insure a buyer or seller from loss or damage due to nonperformance by the other party in a contract. Bank guarantees protect both parties in a contractual agreement from credit risk.

What are the types of guarantee?

There are two types of Guarantee i.e. Specific Guarantee which is for a specific transaction and Continuing Guarantee which is for a series of transactions. Specific Guarantee: A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee.