Definition of Guaranty:
Legal: Three-party contingent liability agreement under which a third-party (the guarantor) agrees to be directly or collaterally responsible for the obligation (contract fulfillment, loan) of a first-party (the principal) to a second-party (bank, client) in case the first-party defaults or fails to fulfill its part of a deal. In effect, signing a guaranty as a guarantor is like signing a blank check. Unlike a warranty, a guaranty may refer to things as well as persons and, to be legally enforceable, must be in writing. Also called bond.
General: Written undertaking that something is of a specified benefit, content, or quality, or that it will provide satisfaction or will perform a duty or obligation in a specified manner.
Synonyms of Guaranty
Assurance, Assure, Attest, Back, Bail, Bailsman, Bargain, Be sponsor for, Bond, Bondsman, Certify, Confirm, Contract, Countersecure, Endorse, Ensure, Godfather, Godparent, Guarantee, Guarantor, Indemnity, Insurance, Insure, Insurer, Mainpernor, Mortgagor, Secure, Security, Sign, Sign for, Sponsor, Stand behind, Stand up for, Stocks and bonds, Subscribe to, Surety, Tie, Undersign, Underwrite, Underwriter, Warrant, Warrantor, Warranty
How to use Guaranty in a sentence?
- They had a money back guaranty on the item, which made me feel safe, because I knew I had a record of breaking things.
- The guaranty on the contract ensured all parties would be made whole and happy by the end of the project.
- Because he has such a fine reputation built over his many years of service it is a show and guaranty of his craftsmanship abilities,.
Meaning of Guaranty & Guaranty Definition