1. A promise given with a high degree of commitment or certainty.
2. A commercial undertaking from a manufacturer to a consumer that a product or service will be of a specified quality for a stated time period.
3. A guarantee issued by a bank or other financial company backed by a financial sum of money in the event of a contractual breach. Examples of these types of guarantees are bid bonds and performance bonds.
4. A financially binding undertaking to be responsible for another’s promise to a third party.
For example, a parent may choose to stand guarantor their child’s student loan with a bank.
5. To underwrite through an insurance policy or other means a certain level of protection.
6. Monies or other assets held as a security to ensure another party honours their financial, legal, property, commercial or other undertakings.