A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent.
In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person;
while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
A guarentee is a general term meaning: A promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Indemnity is a little more specific and mostly refers to insurance, where one party "indemnifies" someone against loss caused by the conduct of the promisor or a third party. An Indeminity & Guarantee is a contract to indemnify one party against the consequences of any legal proceedings brought by a third party.
my ans is that guarantee is to a set of the trust of some one .
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
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Security Deposit is the amount kept by the customer towards the guarantee against completion of a contract.;where as performance guarantee is the guarantee given by the contractor towards performance quality of the executed job/supplied product.Thus requirement of security deposit ends with complete execution of the contract whereas Performance guarantee holds till the period of warranty/defectliabilityis over.
What is the difference between warrenty and guarantee? In: http://wiki.answers.com/Q/FAQ/4423[Edit categories]
guarantee means that the seller will completely replace the product or item while warranty means that the seller will repair the product or item. SHAHZAIB SHEHZAD
temporary/contract work
"Contract of sell" is just "contract of sale" misspelled.
Difference between Percentage of Completion method and Completed Contract method?
the are just different.
A retention bond refers to a percent of contract value retained until work is finished. The performance bank guarantee is used to secure completion of conditions in the contract.
nothing
Discharged mean terminated. A contract can be discharged by -performance -frustration -Agreement between the parties and -breach If there is a breach of terms of the contract, a contract can be discharged.