guarantee
noun
  1. a legal document in which the producer agrees to compensate the buyer if the product is faulty or becomes faulty before a specific date after purchase

    Examples
    • a certificate of guarantee or a guarantee certificate

    • The guarantee lasts for two years.

    • It is sold with a twelve-month guarantee.

  2. a promise that someone will pay another person's debts

    Usage
    company limited by guarantee
    company where each member stated in the memorandum of association how much money he will contribute to the company if it becomes insolvent (as opposed to a company limited by shares)
  3. something given as a security

    Example

    to leave share certificates as a guarantee

verb

to give a promise that something will happen

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Clearing House Automated Payments System
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