Business, Legal & Accounting Glossary

Definition: Guarantee

What is the dictionary definition of Guarantee?

Dictionary Definition

  1. v. to pledge or agree to be responsible for another’s debt or contractual performance if that other person does not pay or perform. Usually, the party receiving the guarantee will first try to collect or obtain performance from the debtor before trying to collect from the one making the guarantee (guarantor).
  2. the promise to pay another’s debt or fulfil contract obligations if that party fails to pay or perform.
  3. n. occasionally, the person to whom the guarantee is made.
  4. a promise to make a product good if it has some defect.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Guarantee. Payroll & Accounting Heaven Ltd. September 25, 2021
Chicago Manual of Style (CMS):
Guarantee. Payroll & Accounting Heaven Ltd. (accessed: September 25, 2021).
American Psychological Association (APA):
Guarantee. Retrieved September 25, 2021, from website:

Definition Sources

Definitions for Guarantee are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.