guarantee

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Related to guarantees: Financial Guarantees, Bank Guarantees

Guarantee

One to whom a guaranty is made. This word is also used, as a noun, to denote the contract of guaranty or the obligation of a guarantor, and, as a verb, to denote the action of assuming the responsibilities of a guarantor.

guarantee

1) v. to pledge or agree to be responsible for another's debt or contractual performance if that other person does not pay or perform. Usually, the party receiving the guarantee will first try to collect or obtain performance from the debtor before trying to collect from the one making the guarantee (guarantor). 2) the promise to pay another's debt or fulfill contract obligations if that party fails to pay or perform. 3) n. occasionally, the person to whom the guarantee is made. 4) a promise to make a product good if it has some defect. (See: guarantor)

guarantee

verb answer for, assume responsibility, assure, back, be responsible for, become liable, become surety for, certify, commit oneself, ensure, fides, give assurrnce, give one's word, guard, hypothecate, impignorate, insure, make oneself answerable for, obligate, pledge, promise, safeguard, secure, sponsor, stake, support, underwrite, vadimonium, vouch for, warrant
Associated concepts: guarantee a title, guarantee against breakage, guarantee payment
See also: accommodation, adduce, agree, assure, attest, backing, bear, bond, certificate, certify, charge, close, confirm, consent, contract, corroborate, cosign, covenant, coverage, deposit, ensure, hostage, hypothecation, indemnify, indorse, insurance, insurer, lien, oath, pact, pawn, pledge, precaution, promise, protection, reassure, recommend, security, sponsor, stipulate, subscribe, swear, undertake, undertaking, underwrite, verify, vouch, vow, warranty

guarantee

a collateral promise to answer for the debt or obligation of another. A guarantee is a secondary obligation, becoming operative only where the principal debtor is in default; because it is a secondary obligation, should the primary obligation be unlawful or invalid or unenforceable, the guarantor or surety cannot be compelled to make payment under the guarantee. A guarantee should be distinguished from an indemnity, which is a primary obligation to compensate the loss of another; in the latter case the unenforceability of the principal debt will not render the indemnity unenforceable. In Scotland, the same relationship is regulated by the institution of caution (pronounced ‘cayshun’). Proper caution is the term used where the cautioner is expressly bound as guarantor to the creditor. The term improper caution is used when the cautioner is bound as a co-obligant with the principal debtor jointly and severally to the creditor.

The term is used colloquially in the UK for a statement by a manufacturer of goods that it will undertake some responsibility such as repair or replacement.

GUARANTEE, contracts. He lo whom a guaranty is made.
     2. The guarantee is entitled to receive payment, in the first place, from the debtor, and, secondly, from the guarantor. He must be careful not to give time beyond that stipulated in the original agreement, to the debtor, without the consent of the guarantor; the guarantee should, at the instance of the guarantor, bring an action against the principal for the recovery of the debt. 2 Johns. Oh. R. 554; 17 Johns. R. 384; 8 Serg. & Rawle, 116; 10 Serg. & Rawle, 33; 2 Bro. C. C. 579, 582; 2 Ves. jr. 542. But the mere omission of the guarantee to sue the principal debtor will not, in general, discharge the guarantor. 8 Serg. & Rawle, 112; 3 Yeates, R. 157; 6 Binn. R. 292, 300.

References in classic literature ?
Having remarked how difficult it was for him, of all people, to speak to her of these matters, Totski concluded by saying that he trusted Nastasia Philipovna would not look with contempt upon him if he now expressed his sincere desire to guarantee her future by a gift of seventy-five thousand roubles.
If you want to take the girl along I'll help you, and I'll guarantee that there won't nobody catch up with us before we reach the coast.
If we are not, we shall have all the time to talk, and nobody will hear us--for I guarantee the walls of the bastion have no ears; if we are, we will talk of our affairs just the same.
And with an air of spite, which he did not dissemble: "I am unacquainted with these details, will you guarantee their authenticity, monsieur?
Dobson's own original work are a sufficient guarantee of the taste and discrimination we may look for in a collection like this, in which the random lightnings of the first of the essayists are grouped under certain heads--"Character Sketches," "Tales and Incidents," "Manners and Fashions," and the like--so as to diminish, for the general reader, the scattered effect of short essays on a hundred various subjects, and give a connected, book-like character to the specimens.
The object of his visit was to obtain from her her personal cheque for a large sum in return for a guarantee of her personal safety and return to England.
He spoke of everybody whom he had met and every place which he had visited without reserve, and yet I guarantee that there is no person in England today, however much he may have talked with him, who knows in the least what his true impressions are.
Von Lowitz was on the track of something of this sort last year, but he gave it up chiefly because Krupps wouldn't guarantee him a shell.
And as I watched him I felt in my own being, in my very muscles themselves, the surge and thrill of desire to go leaping from bough to bough; and I felt also the guarantee of the latent power in that being and in those muscles of mine.
What do you guarantee to tell us if we venture the ten pounds?
But however, if you have not hitherto considered of this matter, I promise you it is now high time, for my brother is resolved immediately to conclude the treaty with Mr Blifil; and indeed I am a sort of guarantee in the affair, and have promised your concurrence.
Bryce had died abroad--an unsatisfactory affair--and as there seemed little guarantee that the rent would be paid regularly, he cancelled the agreement, and resumed possession himself.