Guarantee definition: Copy, customize, and use instantly
Introduction
The term "Guarantee" refers to a promise made by one party (the guarantor) to assume responsibility for fulfilling the obligations of another party (the principal) if they fail to do so. It is essential for ensuring that obligations are met, offering security to the beneficiary that the terms of the contract will be honored.
Below are various examples of how "Guarantee" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Guarantee" as a promise of performance
This definition ties "Guarantee" to a promise to perform a specific obligation.
"Guarantee" means a promise made by one party (the guarantor) to fulfill the obligations of another party (the principal), in case the principal fails to perform as required by the contract.
Definition of "Guarantee" as a financial guarantee
This definition connects "Guarantee" to a financial promise ensuring payment.
"Guarantee" refers to a financial promise made by one party (the guarantor) to cover the debts or obligations of another party (the debtor) in the event of default, ensuring that creditors are paid.
Definition of "Guarantee" as a performance guarantee
This definition links "Guarantee" to ensuring the performance of services or actions.
"Guarantee" means an assurance from the guarantor that the principal will meet specific performance standards or complete tasks as outlined in the contract, or the guarantor will compensate the affected party.
Definition of "Guarantee" as a personal guarantee
This definition ties "Guarantee" to a personal commitment to cover obligations.
"Guarantee" refers to an agreement in which an individual (the guarantor) agrees to be personally liable for the debt or obligation of another party, typically in business or loan contexts.
Definition of "Guarantee" as a legal guarantee
This definition applies "Guarantee" to a legally binding commitment.
"Guarantee" means a legally enforceable promise made by a guarantor to ensure that the principal party fulfills their obligations under a contract, with legal consequences for non-performance.
Definition of "Guarantee" as an unconditional guarantee
This definition connects "Guarantee" to an absolute and irrevocable commitment.
"Guarantee" refers to an unconditional commitment made by a guarantor to fulfill the principal's obligations under the contract without any conditions or limitations.
Definition of "Guarantee" as a limited guarantee
This definition ties "Guarantee" to a conditional or restricted promise.
"Guarantee" means a promise made by the guarantor to fulfill the principal's obligations under specified conditions or within certain limits, typically based on a set of agreed terms.
Definition of "Guarantee" as a bank guarantee
This definition links "Guarantee" to a promise made by a bank.
"Guarantee" refers to a promise made by a bank or financial institution to cover the financial obligations of a party in case of default, typically used in commercial or construction contracts.
Definition of "Guarantee" as a guarantee of quality
This definition connects "Guarantee" to a promise regarding the quality of goods or services.
"Guarantee" means a promise from the seller or manufacturer to ensure that the goods or services meet specified standards, and if not, the buyer is entitled to a replacement, refund, or repair.
Definition of "Guarantee" as a guarantee of title
This definition ties "Guarantee" to the assurance of ownership or title.
"Guarantee" refers to a promise made by the seller that they hold clear and legal title to the property or goods being sold and that no third party claims ownership or legal right to them.
Definition of "Guarantee" as a product guarantee
This definition ties "Guarantee" to a product warranty for defects or malfunctions.
"Guarantee" refers to a promise made by the manufacturer or seller to replace, repair, or refund a product if it is found to be defective or fails to meet specified performance standards within a certain period.
Definition of "Guarantee" as a business guarantee
This definition links "Guarantee" to a promise made by a business to fulfill certain obligations.
"Guarantee" means an assurance given by a business entity that specific products or services will meet agreed-upon standards or conditions, or the company will take corrective action.
Definition of "Guarantee" as a rent guarantee
This definition connects "Guarantee" to a landlord’s assurance of payment security.
"Guarantee" refers to a promise made by a third party to cover the rental payments of a tenant in case of default, providing financial security for the landlord.
Definition of "Guarantee" as a corporate guarantee
This definition ties "Guarantee" to a corporate entity’s assurance of debt repayment.
"Guarantee" means a commitment made by a corporate entity to pay or fulfill a debt obligation of a subsidiary or related company, in case the primary debtor defaults.
Definition of "Guarantee" as a government guarantee
This definition connects "Guarantee" to a promise made by a government.
"Guarantee" refers to a promise made by the government to back a loan or debt issued by another party, ensuring repayment in case of default by the borrower.
Definition of "Guarantee" as a construction guarantee
This definition links "Guarantee" to the assurance of construction project completion and quality.
"Guarantee" means a promise from the contractor to complete the construction project according to agreed terms, specifications, and timelines, or to provide compensation if the project is not completed satisfactorily.
Definition of "Guarantee" as a surety bond
This definition ties "Guarantee" to a surety bond for a contractual obligation.
"Guarantee" refers to a surety bond, which is a three-party agreement in which one party (the surety) promises to fulfill the obligations of a second party (the principal) to a third party (the obligee) in case of default.
Definition of "Guarantee" as an indemnity guarantee
This definition connects "Guarantee" to an indemnity provision, which covers damages.
"Guarantee" means an indemnity agreement made by a guarantor to cover any loss, damage, or liability incurred by another party due to failure to meet contractual obligations.
Definition of "Guarantee" as a joint guarantee
This definition ties "Guarantee" to multiple parties jointly assuming liability.
"Guarantee" refers to an agreement where two or more parties (joint guarantors) agree to be equally responsible for fulfilling the obligations of the principal debtor in case of default.
Definition of "Guarantee" as a collateral guarantee
This definition links "Guarantee" to the pledge of assets as security.
"Guarantee" means a promise where a party pledges collateral (such as property or assets) to secure the performance of obligations, ensuring that if the principal defaults, the collateral can be used to cover the obligation.
Definition of "Guarantee" as a guarantee of payment
This definition applies "Guarantee" to ensuring payment obligations are met.
"Guarantee" refers to a promise from the guarantor to ensure that a payment owed by another party is made, covering the financial obligations in case of default by the primary debtor.
Definition of "Guarantee" as a guarantee of timely performance
This definition connects "Guarantee" to the assurance of meeting deadlines.
"Guarantee" means a commitment from the guarantor to ensure that specific obligations are met within an agreed timeframe, or compensation will be provided if deadlines are missed.
Definition of "Guarantee" as an insurance guarantee
This definition ties "Guarantee" to an insurance policy that covers financial loss.
"Guarantee" refers to a type of insurance policy in which the insurer promises to cover the financial obligations of a third party in the event of default or failure to perform.
Definition of "Guarantee" as a guarantee of service
This definition connects "Guarantee" to ensuring specific services are performed.
"Guarantee" means a promise from the service provider to ensure that agreed-upon services are completed to the satisfaction of the client, or the service will be re-executed at no additional cost.
Definition of "Guarantee" as a guarantee against defects
This definition links "Guarantee" to protection against defects in products or services.
"Guarantee" refers to a promise that a product or service will be free from defects or malfunctions for a certain period, with options for repair, replacement, or refund if defects are found.
Definition of "Guarantee" as a guarantee of delivery
This definition ties "Guarantee" to assurance of timely delivery.
"Guarantee" means a commitment by a seller or provider to ensure that goods or services are delivered by a specific date, with remedies available if the delivery is delayed or fails to meet terms.
Definition of "Guarantee" as a moral guarantee
This definition connects "Guarantee" to a non-legally binding, but ethically driven promise.
"Guarantee" refers to a commitment made based on ethical or moral responsibility to ensure the fulfillment of obligations, though not legally enforceable, it aims to provide confidence to the other party.
Definition of "Guarantee" as a joint and several guarantee
This definition ties "Guarantee" to a liability structure involving multiple guarantors.
"Guarantee" means a commitment where multiple parties (joint guarantors) are each individually liable for the full amount of the debt or obligation, allowing the creditor to seek payment from any one or all of the guarantors.
Definition of "Guarantee" as a guarantee of no litigation
This definition links "Guarantee" to the assurance that no legal claims will arise.
"Guarantee" refers to a promise from a party that no legal action, claim, or litigation will be initiated regarding the subject matter of the contract or agreement, providing peace of mind to the other party.
Definition of "Guarantee" as a contract guarantee
This definition ties "Guarantee" to a contractual promise ensuring obligations are met.
"Guarantee" refers to a formal promise made by a party (the guarantor) to ensure that another party (the principal) will fulfill their contractual obligations, or the guarantor will be liable for the failure to perform.
Definition of "Guarantee" as a loan guarantee
This definition connects "Guarantee" to a promise made in a loan agreement.
"Guarantee" means a commitment by a third party (the guarantor) to repay a loan or debt if the primary borrower (the debtor) defaults on their payment obligations.
Definition of "Guarantee" as a credit guarantee
This definition links "Guarantee" to the assurance of credit repayment.
"Guarantee" refers to a promise by a guarantor to ensure the repayment of credit extended to the principal borrower, acting as collateral or security for the creditor.
Definition of "Guarantee" as a warranty guarantee
This definition connects "Guarantee" to a warranty providing protection against defects.
"Guarantee" means a promise made by a manufacturer or seller to repair or replace a product if it is found to be defective or not in accordance with the specified warranty terms.
Definition of "Guarantee" as a guarantee of compliance
This definition ties "Guarantee" to ensuring adherence to laws or regulations.
"Guarantee" refers to a promise by the guarantor that the principal will adhere to applicable laws, rules, or regulations, or the guarantor will assume responsibility for any non-compliance.
Definition of "Guarantee" as a guarantee of solvency
This definition connects "Guarantee" to the financial stability of a party.
"Guarantee" means a promise from a party to ensure that another party (the principal) remains solvent and financially able to meet its obligations, or the guarantor will assume the responsibility for any financial failure.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.