In business and legal transactions, a warranty is an assurance by one party to the other party that certain facts or conditions are true or will happen; the other party is permitted to rely on that assurance and seek some type of remedy if it is not true or followed.
Guaranty
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.
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.
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