Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Guarantee
n. 1. The assurance that a contract or legal act will be duly carried out. 2. GUARANTY (1). 3. Something given or existing as security, such as to fulfill a future engagement or a condition subsequent. 4. One to whom a guaranty is made. - Also spelled guaranty. -guarantee, ub.
guarantee clause
1. A provision in a contract, deed, or mortgage by which one person promises to pay the obligation of another. 2. (cap.) U.S. Const. art. N, ยง 4, under which the federal government ensures for the states both a republican form of government and protection from invasion or domestic violence.
guarantee stock
A fixed, nonwithdrawal investment in a building-and-loan association. ( This type of stock guarantees to all other investors in the association a fixed dividend or interest rate. See BUILDING-AND-LOAN ASSOCIATION.
guarantee stock.
See STOCK.
guaranteed annual wage plan. Labor law
A wage-payment method in which the employer agrees either to pay employees a predetermined minimum sum each year or to provide a minimum number of hours of employment each year. 0 A wide variety of guaranteed annual wage plans are used. For example, an employer may agree to pay employees wages for each week in the year, even though work may not be available at certain times of the year. The purpose of such a plan is to provide a stable labor force year-round.
guaranteed bond
1. A bond issued by a corporation and guaranteed by a third party. 0 This type of bond is common among railroads. - Also termed endorsed bond; assumed bond; joint bond. 2. A bond issued by a subsidiary corporation whose parent corporation guarantees the principal and interest payments. improvement bond See revenue bond.
guaranteed bond.
See BOND (3).
guaranteed investment contract
See INVESTMENT CONTRACT.
guaranteed stock
Preferred stock whose dividend is guaranteed by'someone (usu. a parent corporation) other than the issuer.
guaranteed stock.
See STOCK.
guaranteed-purchase contract.
See guaranteed-sale contract under CONTRACT. guaranteed-sale contract. See CONTRACT.
guaranteed-sale contract
contract between a real-estate agency and a property owner in which the agency agrees to buy the property at a guaranteed price after a specified length of time if it has not been sold under the listing agreement. ( The guaranteed price is usu. a substantial discount from the listed price. - Also termed guaranteed purdhasecontract.
mortgage-guarantee insurance.
Insurance provided by the Mortgage Guarantee Insurance Company to mortgage lenders that grant mortgages to parties having less than a 20% down payment. ( The cost of the insurance is included in the closing costs. mortgage-holder. See MORTGAGEE.
pseudo-guarantee treaty
See guaranty treaty.
quasi-guarantee treaty
See guaranty treaty under TREATY.
reverter guarantee
Real estate. A mortgage clause protecting the mortgagee against a loss occasioned by the occurrence of a terminating event under a possibility of reverter. See POSSIBILITY OF REVERTER.