What is the difference between undertaking and guarantee?

Is an undertaking a guarantee?

NAGPUR: While dismissing case of a senior citizen and her two sons, Bombay high court’s Aurangabad bench has ruled that “undertaking” to a court means “guarantee or promise” and its breach will invite contempt. “The word ‘undertaking’ has been equated with a guarantee or promise to a court to act in certain manner.

What is the difference between an undertaking and a contract?

is that undertaking is specifically, the business of an undertaker, or the management of funerals while contract is an agreement between two or more parties, to perform a specific job or work order, often temporary or of fixed duration and usually governed by a written agreement.

What is an example of an undertaking?

The definition of an undertaking is a task or an agreement to do something. An example of an undertaking is the act of washing dishes. An example of an undertaking is a promise to watch a friend’s child. … A promise or pledge; a guarantee.

What is an undertaking agreement?

Undertaking in general means an agreement to be reponsible for something. In a legal context, it typically refers to a party agreeing to a surety arrangement, under which they will pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so.

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What is guarantee in banking?

What Is a Bank Guarantee? … The bank guarantee means that the lender will ensure that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it. A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan.

What is an irrevocable letter of undertaking?

Related Content. Also known as a lock-up. A binding agreement by a target shareholder to accept a takeover offer or vote in favour of a scheme of arrangement.

What is difference between representations and undertakings?

What is the difference between a representation, a warranty and an undertaking? Each of these terms has various meanings. In the phrase “represents, warrants and undertakes”, the important difference is between a representation and a warranty, while “undertakes” may be redundant.

Is an undertaking an obligation?

As nouns the difference between obligation and undertaking

is that obligation is the act of binding oneself by a social, legal, or moral tie to someone while undertaking is the business of an undertaker, or the management of funerals.

Is a letter of undertaking a contract?

A letter of undertaking is contractual in nature and failure to comply with it will result in a breach of obligation.

What is the purpose of undertaking?

The whole purpose of undertakings is to create a binding obligation where the person giving the undertaking has no personal financial interest in the matter or transaction to which the undertaking relates.

What means the same as undertaking?

Synonyms & Near Synonyms for undertaking. assurance, guarantee, guaranty.

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