Guarantee in the context of "Indemnity"

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⭐ Core Definition: Guarantee

A guarantee is a form of transaction in which one person, to obtain some trust, confidence or credit for another, agrees to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.

In legal terminology, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or simply "the principal".

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👉 Guarantee in the context of Indemnity

In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party to perform the promise of a relevant other party if that other party defaults.

Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum compensation is often expressly limited.

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Guarantee in the context of Incontrovertible evidence

Incontrovertible evidence and conclusive evidence (less formally, concrete evidence and hard evidence) are colloquial terms for evidence introduced to prove a fact that is supposed to be so conclusive that there can be no other truth to the matter; i.e., evidence so strong it overpowers contrary evidence, directing a fact-finder to a specific and certain conclusion.

A "conclusive evidence" clause may be included in a contract or deed of guarantee, having the effect of showing that, in the absence of manifest error, the guarantor is liable to deliver on their guarantee when their obligation is triggered. The Court of Appeal ruled in IIG Capital LLC v Van de Merwe (22 May 2008) that wording in a deed of guarantee, stating that "A certificate in writing signed by a duly authorised officer ... stating the amount at any particular time due and payable by the Guarantor ... shall, save for manifest error, be conclusive and binding on the Guarantor for the purposes hereof" bound the guarantor despite the otherwise "strong presumption" against a guarantee being treated as a demand bond or guarantee payable on demand, and the Commercial Court in England and Wales ruled on the effect of a similar clause in the case of Carey Value Added S.L. v Grupo Urvasco SA in 2010. Conclusive evidence clauses are interpreted strictly by the courts, with any ambiguity being resolved in favour of the guarantor.

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Guarantee in the context of Limited company

In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. In a company limited by shares, the liability of members is limited to the unpaid value of shares. In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up. The former may be further divided in public companies (public limited companies) and private companies (private limited companies). Who may become a member of a private limited company is restricted by law and by the company's rules. In contrast, anyone may buy shares in a public limited company.

Limited companies can be found in most countries, although the detailed rules governing them vary widely. It is also common for a distinction to be made between the publicly tradable companies of the plc type (for example, the German Aktiengesellschaft (AG), Dutch and Belgian nv, British PLC, Czech a.s., Italian S.p.A., Hungarian nyrt. and the Spanish, French, Polish, Greek and Romanian S.A.), and the "private" types of companies (such as the German GmbH, Dutch and Belgian bv, Portuguese Lda., British Ltd, Japanese G.K., Polish sp. z o.o., Russian ООО, Ukrainian ТОВ (TOV), the Czech s.r.o., the French s.à r.l., the Italian s.r.l., Romanian s.r.l., Hungarian kft., Bulgarian ДОО (DOO), Slovenian d.o.o., and Slovak s.r.o., in India Pvt Ltd for private company and Ltd for public company, in Singapore Pte Ltd for private company).

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Guarantee in the context of Glossary of theater terms

A list of theater terms, and brief descriptions, listed in alphabetical order.

  • Act: A division of a play, may be further broken down into "scenes". Also, what the performers do on-stage.
  • Ad-lib: When a performer improvises line on-stage. Derived from ad libitum (Latin).
  • Aisle: An open space amongst seating for passage.
  • Alternate: see Understudy.
  • Amphitheater: an open-air theater, with seats rising in curved rows.
  • Angel: An individual or organization which provides financial support for a production.
  • Apron: The front area of the stage, nearest the audience; the portion of the stage in front of proscenium arch.
  • Aside: A line spoken by an actor/actress directly to the audience, unheard by the other performers on-stage.
  • Assistant director: Works very closely with the director and with the cast. They will gather research on the production, help keep the production true to the director's vision and help lead rehearsals should the director not be able to attend.
  • Assistant stage manager: Assists the production stage manager, with everything from taping floor plan marking to making sure that everyone has a copy of the script. They also make sure that the set has the needed props. Before a rehearsal the assistant stage manager helps the stage manager make sure everything is ready. At the end of rehearsal the assistant stage manager along with the stage manager will make sure that the space is locked up. Often shortened to ASM.
  • Audition: The activity where actors/actresses perform for the director or casting director, in order to obtain roles in a production.
  • Auditorium: The portion of a theater which contains the audience seating.
  • Avant-garde: Experimental or innovative works or people, derived from the French.
  • Balcony: An elevated portion of seating in the back of the auditorium.
  • Curtain Call: At the end of a live performance the cast will come out and do a bow while the audience applauds.
  • Doubling: When an actor plays more than one character in a production. Most times this is done for economical reasons but it can be that because an actor would like to take on more than one role in the performance.
  • Receiving house: (sometimes called a roadhouse) a theatre which does not produce its own repertoire but instead receives touring theatre companies, usually for a brief period such as three nights or an entire week. The incoming company may receive a share of the box office takings or a minimum guaranteed payment. West End theatres in London and most Broadway theatres in New York are also receiving houses, as the venue solely provides facilities to the incoming show even though the production may stay for many years. Theatres which produce their own shows are known as producing houses, and some regional theatres will do both.
  • Understudy: A person who learns the part of a specific character or characters. Should the performer who is cast in those roles be unable to perform their part due for any reason (e.g. illness, injury etc.), the understudy will step in and perform the role. Also known as an Alternate.
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Guarantee in the context of Warranty

In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. In property law, it refers to a covenant by the grantor of a deed. In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured.

In contract law, a warranty is a contractual assurance given, typically, by a seller to a buyer, for example confirming that the seller is the owner of the property being sold. A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", and therefore only entitles the innocent party to damages if it is breached, i.e. if the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty. A warranty is not a guarantee: it is a mere promise. It may be enforced if it is breached by an award for the legal remedy of damages.

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Guarantee in the context of Christian finance

Christian finance is a kind of ethical finance following Christian ethics. Although not widely used, the notion of "Christian finance" or "Catholic finance" refers to banking and financial activities which came into existence several centuries ago. Whether the activities of the Knights Templar (12th century), Mounts of Piety (appeared in 1462) or the Apostolic Chamber attached directly to the Vatican, a number of operations of a banking nature (money loan, guarantee) or a financial nature (issuance of securities, investments) were practiced, despite the prohibition of usury and the Catholic Church's distrust against exchange activities (opposed to production activities). Christian finance is characterized by the existence of three dimensions: personal (actors), operational (operations), and dogmatic (principles).

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Guarantee in the context of Oral contract

An oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contract – for example where the parties write down what they have agreed – but the contract itself is not a written one.

In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances (for example where real property is being conveyed), or that a contract be evidenced in writing (although the contract itself may be oral). An example of the latter is the requirement that a contract of guarantee be evidenced in writing, which is found in the Statute of Frauds.

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