Guarantee
/ˌɡærənˈtiː/
Definitions
- (n.) A legal commitment by one party to assume responsibility if a second party fails to meet an obligation, often ensuring payment or performance.
The lender required a guarantee before approving the loan.
- (n.) A formal assurance or promise, often in writing, regarding the condition or quality of a product or service.
The seller provided a guarantee that the goods were free from defects.
- (v.) To provide a guarantee or assurance of fulfillment or quality, binding one party to support another's obligation.
She guaranteed the delivery would be on time.
Commentary
In drafting, distinguish between a guarantee as a secondary obligation and a warranty as a primary assurance; clarity prevents ambiguity in enforcement.