Guarantee in United Kingdom

Definition of Guarantee

In accordance with the work A Dictionary of Law, this is a description of Guarantee :

1. A secondary agreement in which a person (the guarantor) is liable for the debt or default of another (the principal debtor), who is the party primarily liable for the debt. A guarantee requires an independent *consideration and must be evidenced in writing. A guarantor who has paid out on his guarantee has a right to be indemnified by the principal debtor.

Compare indemnity.

2.

See warranty.