Guarantee 

When we talk about guarantees in the context of procurement, we are referring to a contractual agreement between a buyer and seller in which the seller agrees to compensate the buyer if certain conditions are not met. The purpose of a guarantee is to protect the buyer against risks that may arise during or after the completion of a transaction.

There are different types of guarantees that can be included in a procurement contract, but some of the most common include performance bonds, bid bonds, warranty bonds, and advance payment bonds. Each type of bond has its own specific purpose and terms, but they all serve to protect the buyer in some way.

As with any contract, it is important to carefully read and understand all the terms of a guarantee before signing on the dotted line. Be sure to ask questions if anything is unclear, and consult with an attorney if needed.