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guarantee definition - legal

n

v

  1. A commitment by a third party to make good in the event of a default by a party to a contract, by paying the money or providing the performance due from the defaulting party.
  2. To promise to make good in the event of a default by a party to a contract by paying the money or providing the performance due from the defaulting party.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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warranty or guarantee?934 months ago

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