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A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", [6] and therefore only entitles the innocent party to damages if it is breached, [6] i.e. if the warranty is not true or the defaulting party does not perform the contract in ...
According to NHBC's website, around 80% of new homes built in the UK each year have an NHBC 10-year warranty. Builders and developers who sell properties with NHBC warranties should adhere to NHBC's guidance documents on construction contained in the NHBC Technical Standards, in addition to complying with Building Regulations in the UK.
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
Homeowners warranty insurance, commonly known as a home warranty, is a service contract that covers repairs or replacements of major home systems and appliances due to wear and tear. It differs ...
The first corporate surety, the Guarantee Society of London (whose insurance business ultimately merged into Aviva), dates from 1840. [ 4 ] [ 5 ] In 1865, the Fidelity Insurance Company became the first US corporate surety company, but the venture soon failed.
Under French law (Article L241-1 of the Insurance Code), every builder is required to purchase a ten-year insurance policy covering the mandatory decennial warranty on all construction projects. The decennial warranty is a legal liability assumed by builders for all defects that compromise the integrity of their structures or that cause them to ...
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...