Guarantee, warrantee etc. Suitable for IT related transactions. Automated execution through Smart Contracts. Our documents indemnify you from risks that is our guarantee. Take care of business damages, sharing of confidential information. Check the Difference between indemnity and guarantee here.
Indemnity is such when one party promises to compensate the loss occurred to the other party due to the act of promisor or any party. On the other hand the guarantee is when a person assures the other party that he or she will performed the promise or fulfil the obligation of the third party in case he or she defaults.
The term literally means “security against loss” contract of indemnity defines a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person is called a “contract of indemnity”.
Guarantee enables a person to get loan on goods or on employment and requires a valid consideration. A contract of guarantee has three parties with varying liabilities. The function of contract of guarantee is to enable person to get a loan on goods or own credit or an employment and it is considered as void without a valid consideration.
Following below can be considered as essentials of a contract of guarantee: