In law and common usage: to undertake or engage for the payment of (a debt) or the performance of (a duty) by another person; to undertake to secure (a possession, right, claim, etc.) to another against a specified contingency, or in all events; to give a guarantee concerning; to engage, assure, or secure as a thing that may be depended on; to warrant; as, to guarantee the execution of a treaty.
A contract in which a financial institution agrees to take responsibility for all or a portion of a project sponsor's financial obligations for a project under specified conditions.
A promise of commitment to provide a minimum amount of sleeping rooms, F&B, or other revenues. Usually there is financial liability if the commitment is not met. The final number of persons to be served is usually required at least 48 hours in advance of a food & beverage event.
A promise to step in and perform another´s obligation if that person should fail or default. [Go to source
To agree to indemnify the holder of a loan all or a portion of the unpaid principal balance in case of default by the borrower.
A promise by one person (the guarantor), to meet the specified debts of another (the principal debtor), upon that person defaulting in their payment to a third person (the creditor). Click here to go back to the glossary. If you entered from another page click your web browsers "back" button
(1) To assume the liability for such debts of another in the event of his default. (2) A promise that a product will perform as advertised.
A credit enhancement that allows a lender to share some or most of the risk of loan default with another entity.
An expression normally associated with the press space market. An undertaking by either the buyer or seller to deliver an agreed condition of the contract eg in the case of a seller to position an ad. on a specified page, or in the case of the buyer not to use other media for a particular campaign.
Agreement to provide expected services or products. The cruise line's promise that the passenger will sail on a stated voyage in a specified price category or type of cabin, at an agreed rate no higher than would ordinarily apply for that voyage, which may result in an improvement of accommodations at no additional cost.
To accept responsibility for an obligation if the entity with primary responsibility for the obligation does not meet it. see also insurance, firm commitment offering, banker's acceptance, certified check, personal guarantees, full faith and credit, government mortgage, government paper, letter of credit, maintenance bond, default, guaranteed renewable policy, performance bond, rate lock, signature guarantee.
A legally binding promise by one person that will ensure that another person carries out their legal obligations. This differs from guarantees ( see warranties) given when goods are sold• Businesses• Guarantees• Liability for Others
A guarantee is sometimes needed before a bank will lend money to a customer. Another person (the guarantor) pledges to the bank, in writing, that if the customer does not repay the debt then the guarantor will.
An indemnity to pay another persons debt if they default.
Pledge by a third party to repay a loan in the event that the borrower cannot. A special case is a PERSONAL guarantee in which you personally guarantee an obligation.
A contract that something shall be done exactly as it is agreed to be done. Synonymous with warranty.
A promise to meet the loan obligations of another party (ie third party) if that third party defaults.
It is specifically against securities regulations for securities to promote a securities offering as ‘guaranteed’ to show a profit. Each securities issue is, as a matter of course, ‘guaranteed’ by that issuer, but this is of dubious value, for the simple reason that if the company defaults the guarantee is worthless. The government, bank, or insurance companies, very seldom guarantee securities issues other than their own, and all such claims should be proven by the supplying or original documentation to that effect, then directly checked with the guarantor. When available such guarantees are usually a performance bond or other type of insurance contract used to guarantee the repayment of debt and interest, or only debt of a financing transaction.
a collateral agreement to answer for the debt of another in case that person defaults
give surety or assume responsibility; "I vouch for the quality of my products"
promise to do or accomplish; "guarantee to free the prisoners"
a collateral contract which is intended to provide substitute performance (by the guarantor) in the event that the principal defaults
a collateral or subsidiary contract by which the promisor undertakes to answerable to the promisee for the debt, default or miscarriage of another person whose primary liability to the promisee must exist or be contemplated
a commitment by an individual or a legal entity, generally referred to as the guarantor to bear responsibility for another if at its deadline a contract has not been performed by that other person at all in accordance with the agreement
an agreement between a lender and an individual (called a guarantor) in which the guarantor promises the lender, that the guarantor will pay the money that a particular borrower owes the lender if the borrower defaults on the debt
an agreement signed with a third person
an undertaking by a third party for the debts of a primary debtor
an undertaking given by a first person (the surety) to a second person (the creditor) in respect of the payment obligation of a third person (the principal debtor) towards the second person
an undertaking or collateral agreement where the bank agrees to be liable for the debt of a customer to a third party or beneficiary on default
a promise by the manufacturer to correct defects according to the terms stated
a secondary obligation and only becomes operative where the principal debtor defaults
a secondary obligation arising only on default by the primary debtor
a statement that the customer will be satisfied with the goods or services provided, and a promise to compensate them if they are not
a written promise by a third party to repay the debt if you can't
a written promise by you (the guarantor) that the person who is obtaining credit (the debtor or borrower) will keep to all the terms and conditions of their contract (the credit contract, or loan agreement)
a written undertaking by ADB, as guarantor, to pay a stated amount to a commercial bank if the borrower fails to meet certain commitments such as loan repayment
An agreement to pay the debt owed by a third party. There must be evidence in writing for it to be enforceable.
The agreement to indemnify the holder of a loan all or some of the unpaid principal balance in case of default by the borrower.
A promise from an individual that someone else’s loan will be repaid
A form of security for a loan where someone else promises/guarantees to repay the loan if the borrower defaults. Lenders view these as a poor form of security because of the bad publicity for the lender if the guarantee has to be exercised. These are typically required by a lender as a sign of good faith by the borrower.
An agreement by which a person (guarantor) promises to meet the obligations of another person ( borrower) on default. Lenders in some circumstances require a guarantee of the borrower's obligations under a Loan Agreement.
In general, a contract between the operating system and a resource consumer (thread, application, user, etc.) promising that the consumer will receive a guaranteed level of service with respect to some resource for the duration of the reservation. In this dissertation the resource being guaranteed is always CPU time. Guarantees are considered to be long-lived entities (i.e. lasting for seconds, minutes, or longer) when compared to the amount of time between scheduling decisions (i.e. milliseconds).
A commitment made by a person to be answerable for the debts or liabilities of another.
a legal contract accepting responsibility for discharging another's liabilities, such as the payment of a debt.
a contract under which the government agrees to pay a debt or perform a duty if the party to the contract who is bound to pay the debt or perform the duty fails to do so. 9.3.1
A promise to answer for the default of another person, for example, where a 'surety' commits himself to another for the performance of the liabilities and obligations of a third party to that other person. Close
A promise to abide by terms of a contract.
A commitment by the guarantor to reimburse a lender or subsequent holder of an approved loan when the borrower fails to repay the loan due to the borrower's death, disability, default, or bankruptcy.
A cruise reservation in which one pays for a certain category cabin, but is not given a cabin number. Passengers often take this type of reservation with the hopes of getting upgraded to a higher category
A letter of guarantee is a document signed by the guarantor in which the guarantor irrevocably and unconditionally undertakes to pay a series of promissory notes or bills of exchange on their due dates if the obligor fails to make payment due at maturity.
A promise by a third party to meet a borrower's payment obligations if they are unable to pay.
The assumption of responsibility for payment of a debt or performance of some obligation if the liable party fails to perform to expectations.
A promise by one party to pay a debt or perform an obligation contracted by another in the event of that person's default.
A written agreement to pay a debt owed by a 3rd party.
A legal commitment to repay a debt if the original borrower fails to do so. Directors may give guarantees to banks in return for the bank giving finance to their companies. Companies in a group may guarantee each others loans.
The acceptance of responsibility to pay in case of default by the borrower
An irrevocable undertaking given for payment of a stated sum of money on presentation of a demand conforming to the terms of the guarantee within the validity thereof.
An undertaking to repay in the event of a Default. It may be limited in time and amount.
A conditional legal obligation, as defined in an agreement by and between a guarantor and a lender, for the guarantor to reimburse the lender for some portion of a loan that is not repaid by the borrower due to default, death, disability, bankruptcy, borrower ineligibility, false certification of borrower eligibility, or school closure.
An agreement to pay a debt owed by a third party. It must be evidenced in writing for it to be enforceable.
To undertake (q.v.) to carry out a contract or some other legal act. The person giving the undertaking is called the guarantor.
In relation to arts funding, expressed in full as "guarantee against loss". A last-call grant (most frequently used in the case of touring performing arts), which may be claimed retrospectively – i.e. after an approved event has taken place – up to an agreed limit to cover any budgeted loss or shortfall in earned income. Now less commonly used, mainly due to the fact that funders have found the element of uncertainty difficult to account for precisely at year end, and also to the feeling that cultural organisations will try to manipulate their own accounting processes in order to claim the maximum (i.e. not the same as a "straight" guarantee or surety offered against a loan).
a form of security in which another party promises to repay a loan if the borrow fails to repay.
Pay attention here - A "guarantee" is the cruise line's promise that the passenger will sail on a stated voyage in a specified price category or type of cabin, at an agreed rate no higher than would ordinarily apply for that voyage. Due to space and yield management requirements, a cruise line may "upgrade" guarantee passengers to a higher level of service. Passengers who choose a guarantee arrangement, however, are unable to choose a particular cabin. Some of the various Guarantee Categories (they vary by cruise line) are noted alphabetically in this Glossary.
An undertaking that certain conditions will be met.
A contract to pay someone else’s debt if they don’t pay it.
1) An enforceable warranty on the continuing usefulness of a product. 2) An agreement by a third party to a loan transaction to join in the transaction and to be held liable for the moneys secured by the loan instrument should the principal debtor fail to pay.
Promise in writing that something will perform satisfactorily for a given length of time.
A promise by one party to pay a debt or perform an obligation contracted by another, if the original party fails to pay or perform according to a contract.
To assume liability for another's debts in the event of his default.
the cruise line is guaranteeing the "Rate" your reservation is confirmed at. At the time you book, you have NO cabin assignment. When the cabin is assigned, you must receive at least the cabin category you reserved, or better, at no additional cost.
A LEGALLY BINDING COMMITMENT GIVEN BY SOMEONE OTHER THAN THE BORROWER TO PAY THE MORTGAGE AND COMPLY WITH OTHER OBLIGATIONS OWED TO US.
a guarantee is essentially a promise by one person to another that something either will or will not happen. A guarantee for a debt, for example, is a promise by one person (the guarantor) that if a party to a contract defaults in some way then the guarantor will for example pay a sum of money to the other party to the contract. The most common form of guarantee, however, is that given by the producer of goods, that those goods will continue to perform the function for which they were purchased for a certain period of time, failing which they will be replaced or the purchaser's money refunded.
A Guarantee is a document issued by the Guarantor in which the Guarantor undertakes to pay a payment claim or a series of Payment Claims on its/their Maturity date(s).
An undertaking to be responsible for the performance of another person's legal obligations. A bank may ask the directors to guarantee a company's overdraft. A landlord may ask a tenant to find a guarantor that the rent will be paid and the tenant's covenants performed.
A legal promise to pay back borrowed money
An agreement by which one person undertakes to secure another in the possession of something.
1. A promise or assurance, typically in writing, that advocates the quality of a product or service. 2. A formal promise or collateral agreement made by an individual to answer for the debt of another in case he or she defaults.
a promise made as bound by the terms of a contract
secondary agreement by which a person promises to honour the debt of another person if that debtor fails to pay. The directors of small companies are often called on by creditors to give their personal guarantees for company debts. A guarantee must be in writing and the guarantor can only be sued if the actual debtor can't pay (in contrast to indemnity below).
A written promise by one party to be liable for the debt of another party.
A promise to pay a debt if the borrower fails; the government or guaranty agency guarantees student loans make by banks.
A written undertaking given by one party to another to answer for the fulfilment of the obligations of a third party / A Facultative reinsurance.
A legal commitment to repay a debt if the original borrower fails to do so. Directors may give guarantees to banks in return for the bank giving finance to their companies. It must be evidenced in writing for it to be enforceable.
A legally enforceable promise to become liable for the debt of another. Most bank loans to corporations are backed by the personal guarantee of the shareholder's of the corporation. If the corporation defaults on the debt, the shareholders are then personally liable to pay the debt on behalf of the corporation.
a promise, usually by a related entity such as a majority owner, partnership or corporation, to uphold the terms and conditions in the Master Lease or Lease Schedule.
A contract to pay someone elses debt if they dont pay it.
A collateral security ‑ additional and separate. As it is additional to the principal document, the guarantor is only liable to the same extent that the principal borrower is liable. (See 'Blanket Guarantee').
A form of security for a loan where someone else promises/guarantees to repay the loan if the borrower defaults. Most Lenders will consider Guarantees in very limited circumstances only.
A promise given by a person
I guarantee you that this word is not spelled like "warranty" even though they are synonyms.
An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
A written promise by one party to perform some duty or pay a debt if another party should fail to do so.
A written guarantee that confirms that a third party (either individual or company) will guarantee the customer's obligations under the areement if the customer becomes, for any reason, in default under the terms and conditions of the Agreement. Availability of an acceptable guarantor may help ensure credit approval on an otherwise marginal proposal.
A contractual engagement protecting the holder of the guarantee against default, bankruptcy or failure of a third party. The guarantor will pay the debt to the obligee if the third party (principal debtor or obligor) fails to perform. It also refers to the commitment provided by an Export Credit Agency to reimburse the lender (frequently a commercial bank) if the exporter fails to repay a loan. In return for this coverage, the lender pays a guarantee fee. Although guarantees may be unconditional, they frequently have conditions attached to them. Français: Garantie Español: Garantía
Promising that something will happen or that an article is of certain quality and reliability
A promise by one party to pay a debt or perform an obligation if the person with primary liability fails to pay or perform, as required.
A special instrument of surety of performance of business obligations through a written confirmation (letter of guarantee) by a bank of the satisfaction of the requirements of a lender (beneficiary under guarantee) to the full amount mentioned in a written confirmation, should a borrower (principal) fail to perform the specified obligation or in case of the commencement of other circumstances stipulated in such confirmation.
the promise to repay or repair a purchased product or to refund money paid if the the product is not as represented
A financially binding guaranty assuring that an obligation or contractual agreement will be fulfilled by the guarantor.
a legal agreement under which a person agrees to guarantee the obligations of another
A promise by the manufacturer to fix or replace a specific part if it does not last for a specific time period or distance.
A statutory or contractual obligation by a parent company or some other person or entity to make interest, principal or premium (if any) payments if the principal debtor defaults on such payments.
1.Written or implied assurances for a specific part of the project, or for the project as a total. 2. An undertaking or document stating that a thing will or will not happen.
A contractual obligation by one entity to another that a fact regarding a product is true. See: warranty.
An agreement to answer for the debt or obligations of another if that other party fails to pay or perform.
a secondary agreement by which one person promises to honour the debt of another if that debtor fails to pay. Banks and other creditors often call on directors of small companies to give their personal guarantees for company debts. A guarantee must be in writing. The guarantor can only be sued if the actual debtor can't pay, in contrast to indemnity.