Definition, Meaning & Synonyms
guaranties
noun
/ˌɡɛrənˈtiːz/
Definition
A guaranty is a promise, usually in writing, to ensure the debt or obligation of another when that person fails to meet their responsibilities.
Examples
- In real estate transactions, banks often require guaranties from co-signers.
- The landlord requested several guaranties from the tenants to secure the lease.
Meaning
A guaranty means that someone is agreeing to take responsibility for someone else’s obligation or debt if they do not fulfill it.
Synonyms
- assurances
- pledges
- warrants
