LINGUISTICS & CULTURE
|Data:||23/DEZ/2007 4:18 PM|
|Assunto:||Warranty, Guaranty and Gurantee|
The attesting of one party to a contract to the other of reliable facts so that the second party does not need to ascertain such facts for him or herself. Such assurance carries with it a promise to indemnify the second party for any loss should the particulars of the warranty prove not to be factual. Such a warranty may be express or implied.
A contract whereby one person or corporation becomes liable to perform a specific act or duty for another person or corporation if that person or corporation doesn’t fulfill a responsibility. The responsibility usually is financial. For example, a corporation may guarantee that its subsidiary will fulfill the terms of a contract that the subsidiary signs with one of its customers.
A legal responsibility to pay a bill or fulfill a contract in the event that the company or person who has promised to make the payment defaults. If the guarantor is a corporation, the guarantee is a contingent liability that isn’t recognized on the company’s balance sheet until it appears that it will become an actual liability.
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