What is guarantee example?
a promise that something will be done or will happen, especially a written promise by a company to repair or change a product that develops a fault within a particular period of time: [ + that ] The United Nations has demanded a guarantee from the army that food convoys will not be attacked.
What best describes a guarantee?
which of the following best defines a guarantee? agreement that the manufacturer will be responsible for any defect in the product and will replace or repair a product that is defective.
What kind of word is guarantee?
Guarantee is a word that is both a noun and a verb: the noun means “a binding agreement” and the verb is the act of making that agreement.
What is a guarantee in accounting?
A guarantee occurs when an entity accepts responsibility for an obligation if the party with primary responsibility is unable to settle the obligation. It is most commonly given to a related party, where the guarantor has an interest in the financial success of the related party.
What is the difference between guarantee and guarantee?
Garner of LawProse explains the difference between the terms “guarantee” and “guaranty.” ANSWER: Guarantee, the broader and more common term, is both a verb and a noun. The narrower term, guaranty, today appears mostly in banking and other financial contexts; it seldom appears in nonlegal writing. Guarantee, vb.
Is a promise a guarantee?
A guarantee is a promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service, or a pledge that something will be performed in a specified manner.
How do you write a guarantee?
Writing a Guarantee
- A statement letting your potential customers know you believe in your product.
- Give the customer a fair time period to try the product.
- State what happens if the customer isn’t happy with the product.
- Finally, the most important elements of your guarantee are honesty and transparency.
What is the purpose of a guarantor?
Being a guarantor involves helping someone else get credit, such as a loan or mortgage. Acting as a guarantor, you “guarantee” someone else’s loan or mortgage by promising to repay the debt if they can’t afford to. It’s wise to only agree to being a guarantor for someone you know well.
What is a guarantee in business?
A business guarantee is a commitment made by a business to honor the debts incurred under its company credit cards. Business credit cards can help companies manage their expenses more easily, while also letting their owners benefit from limited personal liability.
What is bank guarantee with example?
Examples of Bank Guarantees A credit security bond serves as collateral for repaying a loan. A rental guarantee serves as collateral for rental agreement payments. A confirmed payment order is an irrevocable obligation where the bank pays the beneficiary a set amount on a given date on the client’s behalf.
Does guarantee mean warranty?
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 does 12 months guarantee mean?
A warranty is a form of guarantee that a manufacturer gives regarding the condition of its product. Generally, a warranty will last for 12 months to two years, although in relation to more expensive goods, it may last longer.