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The Portuguese code renders a guarantee provable by all the modes established by law for the proof of the principal contract [38] According to most civil codes civil a guarantee like any other contract can usually be made verbally in the presence of witnesses and in certain cases (where for instance considerable sums of money are involved) sous ...
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. Similarly, the limitation period prescribed for an action may be shorter for an oral contract than it is for a written one. The term verbal contract is sometimes used
The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement.
In filmmaking, a guarantee, or informally a "pay-or-play" contract, is a term in a contract of an actor, director, or other participant that guarantees pay if the participant is released from the contract, with various exceptions. [1] Studios are reluctant to agree to guarantees but accept them as part of the deal for signing popular actors.
If the merchandise is sold with an express "guarantee," the terms of the implied warranty of merchantability fills the gaps left by that guarantee. If the terms of the express guarantee are not specified, they will be considered to be the terms of the implied warranty of merchantability.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
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