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Definition of "Continuing Guarantee"A continuing guarantee is a guarantee where the guarantor assumes liability for any past, present and future obligations owed by a debtor to a lender or creditor. Even where the amount owing has been completely paid, the guarantor can still be liable under that line of credit if there is a subsequent indebtedness. Also known as a continuing guaranty. A common example is a guarantee for a revolving line of credit. specific guaranteeWritten undertaking to fulfill a specific obligation. Also called specific guarantee.
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Q: What is difference between specific guarantee and continuing guarantee?
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What is the difference between warranty and guarantee?

GuaranteeA guarantee is usually free and is a promise about an item by the manufacturer or companyIt's a promise to sort out any problems with a product or service within a specific, fixed period of timeWhether you paid for a guarantee or not, it is legally bindingThe guarantee must explain how you would make a claim in a way that is easy to understandIt adds to your rights under consumer lawIt will take effect whether or not you have a warrantyWarrantyA warranty acts like an insurance policy for which you must pay a premium - Sometimes a warranty is called an 'extended guarantee'May last longer than a guarantee and cover a wider range of problemsA warranty is a legal contractThe terms of the contract should be clear and fairDoes not reduce your rights under consumer lawA warranty can be in place with a guaranteeRead more: http://www.access-legal.co.uk/free-legal-guides/whats-the-difference-between-a-guarantee-and-a-warranty-1314.htm#ixzz2HxdmOdjy


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Difference between guarantee and warranty?

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