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Service warranty means any contract or agreement which indemnifies the holder of the contract or agreement for the cost of maintaining, repairing, or replacing tangible personal property, including motor vehicles.

There are many examples of warranties depending on the type of product a consumer is buying. Some examples may include replacing a product such as a mobile phone if it does not the way it is advertised. A consumer may also receive free repair services where a product has been damaged during use.

Share. A letter of guarantee is a document issued by your bank that ensures your supplier gets paid for the goods or services it provides to your company, in the event that your company itself can't pay. In that case, your bank will pay your supplier up to a specified amount.

Guarantee means free-of-charge replacement, whereas Warranty means replacement causing expenses to the customer. Guarantee refers to parts' replacement, but Warranty refers to products' repair. Guarantee is a 5-year agreement, while Warranty is a 10-year one.

Payment guarantees are financial commitments that require the debtor to make a repayment based on the terms outlined in the original debt agreement. Sometimes, the payment guarantee is backed with some form of collateral, such as property.

To request a guarantee, the account holder contacts the bank and fills out an application that identifies the amount of and reasons for the guarantee. Typical applications stipulate a specific period of time for which the guarantee should be valid, any special conditions for payment and details about the beneficiary.

A warranty is a term of a contract, the breach of which entitles the innocent party to terminate the contract and claim damages, or affirm the contract despite the breach and claim damages In the consumer context, it is an obligation to repair or replace goods for a specified period.

An advanced payment guarantee, also known as a cash guarantee, is used when a commercial contract is issued to guarantee that payment gets made to the company that is doing the work.