What does the word guarantee?

1 : a promise that something will be or will happen as stated a guarantee against defects. 2 : something given as a promise of payment : security. guarantee. verb. guaranteed; guaranteeing.

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: The system costs £99.95 including shipping and handling and a twelve-month guarantee. The TV comes with/has a two-year guarantee.

Does guarantee mean 100?

to promise that something will happen or is true: guarantee sb sth European Airlines guarantees its customers top-quality service. guarantee that sth is sth We guarantee that our products are 100% safe.

What legal guarantee means?

What is a guarantee? A guarantee is a contractual promise to: Ensure that a third party fulfils its obligations (pure guarantee); and/or. Pay an amount owed by a third party if it fails to do so itself (conditional payment guarantee).

Does warranty mean refund?

It guarantees that defects will be resolved with the repair or product replacement. On the other hand, an implied warranty often allows the customer to receive a refund when a customer returns a product to a retailer.

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. … share personal experiences about using the product and say it works well.

How does a guarantee work?

A bank guarantee, like a letter of credit, guarantees a sum of money to a beneficiary. … The guarantee can be used to essentially insure a buyer or seller from loss or damage due to nonperformance by the other party in a contract. Bank guarantees protect both parties in a contractual agreement from credit risk.

What happens when a guarantee is called?

In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs. At law, the giver of a guarantee is called the surety or the “guarantor”.

What is guarantee short answer?

guarantee, in law, a contract to answer for the payment of some debt, or the performance of some duty, in the event of the failure of another person who is primarily liable. … The debtor is not a party to the guarantee, and the guarantor is not a party to the principal obligation.

What is covered under a guarantee?

Consumer rights or rights under a guarantee

A guarantee gives you added protection when you buy good or services but it does not replace your consumer rights. You are entitled to raise a problem about a product for up to six years from the date of buying it regardless of the terms of any guarantee.

What is guarantee period?

Guarantee Period means the period during which the Contractor shall remain liable for repair or replacement of any defective part of the works performed under the Contract.

How long does a guarantee last?

The Sale of Goods Act offers protection against faulty goods even when the manufacturer’s guarantee has run out. The act says goods must last a reasonable time – and that can be anything up to six years from the date of purchase.

What does a 2 year guarantee mean?

The 2-year guarantee period starts as soon as you receive your goods. … If your product breaks after 6 months, you still have the right to have your goods repaired or replaced for free or, at least, to a price reduction or your money back.

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 happens if a company won’t honor their warranty?

If that fails, try complaining to the Better Business Bureau and to your state attorney general or consumer protection office. Send a demand letter threatening to take the company to small-claims court. If it’s an expensive product, contact a consumer attorney.

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.

What does 14 day money back guarantee mean?

You must offer a refund to customers if they’ve told you within 14 days of receiving their goods that they want to cancel. They have another 14 days to return the goods once they’ve told you. You must refund the customer within 14 days of receiving the goods back. They do not have to provide a reason.

Does warranty mean free?

If the item is covered by warranty, the manufacturer will repair or replace it free of charge. If it isn’t covered by warranty, you may be able to have it repaired for a fee.