Guarantee

Definition

Written or implied assurances for a specific part of the project or for the project as a whole. An undertaking or document stating that a thing will or will not happen.

Purpose

Guarantees provide assurance that certain conditions, standards, or performance levels will be met, offering protection and confidence to stakeholders.

Examples of Use

• Product Warranty: Guaranteeing the performance and durability of a product for a specified period.
• Construction Contracts: Ensuring that the completed project meets the agreed-upon specifications and standards.
• Service Agreements: Providing guarantees for the quality and reliability of services rendered.

Related Terms

• Warranty: A written guarantee promising repair or replacement if necessary within a specified period.
• Assurance: A positive declaration intended to give confidence.
• Contract: A legally binding agreement between parties outlining terms and conditions.

Notes

Guarantees vary in scope and duration, and it is important to understand the specific terms and conditions associated with any guarantee provided.