Guarantee Period means the time as stated in the Appendix to Tender for guaranteeing the Plant, Equipment, and Materials against defects in materials, workmanship and manufacturing defects, calculated from the date upon which the entire Works (completion and commissioning of all the useful Sections in all respect) have been completed as certified by MSEDCL Representative.
What is an annuity guarantee period?
An annuity guarantee period is the most misunderstood of all terms relating to annuities. A guarantee period applied to a term certain annuity determines the length of time that payments will be made by the insurance company to you. At the end of the guarantee period, all payments cease and the term certain annuity is finished.
What is guarantee period/ maintenance period?
Guarantee Period/ Maintenance period means the period during which the contractor shall remain liable for repair or replacement of any defective part of the works performed under the contract. Interest Period End Date
What is the guarantee period for permanent works?
The Guarantee Period for any part of the Permanent Works that is repaired or replaced shall be extended with the number of days that has passed from the issuance of the Completion Certificate until said part of the Permanent Works are repaired or replaced.
What happens after the guarantee period expires?
Upon expiration of the Guarantee Period, the Contractor shall request from the Company's Representative, a Final Guarantee Certificate. Within 30 days of such request, the Company's Representative shall issue to the Contractor a Final Acceptance Certificate in respect of the Work.
What is a guarantee term?
Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for him.
What is a guarantee year?
Guarantee Year is defined as each of the successive twelve (12) month periods commencing on the anniversary of the commencement of the First Guarantee Year throughout the Term of this Agreement.
What is an example of guarantee?
The investment was guaranteed by the bank. I guarantee that you'll be satisfied. He guaranteed us that everything would go according to plan. Money doesn't guarantee a happy life.
What is PGP warranty?
Performance Guarantee Period means the period set forth in the Purchase Order for the applicable Performance Guarantee. “Performance Guarantees” means the performance guarantees for the Deliverables and the Project specified in the Purchase Order.
Which is better guarantee or warranty?
A warranty is a guarantee of the integrity of a product and of the maker's responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.
How does a guarantee work?
A guarantee is a promise by one party (the guarantor) to another party (the guaranteed party) to be responsible for the due performance of the obligations of another party (the principal) to the guaranteed party if the principal fails to perform such obligations.
What does 12 months guarantee mean?
A guarantee is a promise to make good problems that arise with goods and services in a set time limit, usually 12 months. Guarantees generally promise free repairs or replacements for defective products and services, and they are usually issued at the point of sale, free of charge.
What are the types of guarantee?
Types of GuaranteesPersonal guarantee. A personal guarantee is a promise to repay liabilities that is made by an individual on behalf of another individual or organization. ... Bank guarantee. ... Financial guarantee.
What is guarantee contract?
—A 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
What is guarantee and warranty?
The guarantee is a sort of commitment made by the manufacturer to the purchaser of goods, whereas Warranty is an assurance given to the buyer by the manufacturer of the goods. Guarantees can be oral or written, where oral guarantees are very hard to prove.
How do you calculate guarantee period?
If the item's expiration date is n years in the future, you also use the formula EDATE(start_date,month). For instance, the start date is 3/1/2020, the warranty period is 1 year (12 months), use the formula:=EDATE(C6,12).
Does guarantee mean replacement?
Unlike Warranty, guarantee comes with an assurance that if a product cannot be repaired and there is no product to be replaced, then the money paid by the buyer will be refunded. Like a Warranty, the guarantee is also given for a specific period. However, it acts as the right of the consumer.
What does 12 months guarantee mean?
A guarantee is a promise to make good problems that arise with goods and services in a set time limit, usually 12 months. Guarantees generally promise free repairs or replacements for defective products and services, and they are usually issued at the point of sale, free of charge.
How long does a guarantee last?
Generally, a warranty will last for 12 months to two years, although in relation to more expensive goods, it may last longer.
Does guarantee mean replacement?
Unlike Warranty, guarantee comes with an assurance that if a product cannot be repaired and there is no product to be replaced, then the money paid by the buyer will be refunded. Like a Warranty, the guarantee is also given for a specific period. However, it acts as the right of the consumer.
What does product guarantee mean?
A guarantee is a promise or assurance from the manufacturer or seller that the product will work as described or meet specific quality standards. If it doesn't, the manufacturer will fix or replace it. Guarantees are of no cost to the buyer and can be offered for both products and services.
What is a guarantee period?
What is the meaning of guarantee period? An annuity guarantee period is the most misunderstood of all terms relating to annuities. A guarantee period applied to a term certain annuity determines the length of time that payments will be made by the insurance company to you.
What happens if you die within the guarantee period?
If death takes place within the guarantee period, the insurance company has to pay to either your estate or a named survivor the difference between payments made within the guarantee period and payments not yet received.
How long is a life annuity?
A true life annuity has a 0 year guarantee period. Whether or not you add a guarantee period to a life pay annuity, that guarantee period doesn’t limit payments in any way while you are still alive. Without a guarantee period, when you die, a life annuity completes with no further payments.
Which guarantee period produces the most income?
One would think that a 0 year guarantee period would produce the most income. In reality, the best income is obtained with a 5 year guarantee period for registered funds and a 7 year guarantee period for non-registered funds.
Does the guarantee period affect lifetime income?
So, to be clear, the length of the guarantee period specifies the length of time that payments are made for a term certain annuity but guarantee period does not affect the lifetime income payable by a life pay annuity. « What is an annuity?
When to obtain parent company guarantees?
Obtain parent company guarantees when the contract is with a subsidiary company
Do ships have a value at the end of their operating life?
Finally, at the end of whatever operating life is being assumed in the financial costing, the ship will still have a value, even if this is only as scrap, and an allowance for this should be made when assessing the cost of capital amortization.
How long is annuity guarantee?
Annuity guarantee periods are usually 5 or 10 years, but there’s technically no limit on the length of a guarantee period. (Note that most providers place their own ceiling on guarantee periods, typically a maximum of 30 years.)
What happens to your income if you die after the guarantee period?
However, if you die after the guarantee period, or with only a short time left, your beneficiaries won’t get much or any continuing income .
Why is an annuity considered a secure retirement?
It’s one of the most secure ways to provide retirement income because it’s guaranteed and there’s no investment risk. This means you continue to get your pension no matter how the underlying investments perform. With an annuity with a guarantee period, your loved ones continue to receive income from your annuity if you die within a set period. ...
When does an annuitant die?
The annuitant - or in the case of a joint life annuity, the last surviving annuitant - dies after the end of the guaranteed period, income payments stop and we don't pay a death benefit.
How old do you have to be to get an annuity?
Term certain annuity. Must be to age 90 of the annuitant or the younger spouse. Could be more than 40 yrs. 1 Accrual taxation: the age plus the guaranteed period can't exceed 115 years. 2 Prescribed taxation: the age of the youngest annuitant plus the guaranteed period can't exceed age 90.
What is a guaranteed issue period?
Guaranteed Issue Periods for Medicare Supplement plans occurs when an event creates a guaranteed issue or Open Enrollment Period wherein a Medicare beneficiary can enroll in a Medicare Supplement plan without consideration of pre-existing conditions, age, etc. In fact, guaranteed issue rights (sometimes called “Medigap protections”) ...
How long are guaranteed issue periods for Medicare?
Guaranteed Issue Periods for Medicare Supplement Plans Have a Set Number of Days. It is important to note that Guaranteed Issue Periods for Medicare Supplement Plans that create guaranteed issue or Open Enrollment Periods for a certain period of time. While some Guaranteed Issue Periods for Medicare Supplement Plans coincide with enrollment ...
What are Guaranteed Issue Periods for Medicare Supplement Plans?
Guaranteed Issue Periods for Medicare Supplement plans occurs when an event creates a guaranteed issue or Open Enrollment Period wherein a Medicare beneficiary can enroll in a Medicare Supplement plan without consideration of pre-existing conditions, age, etc. In fact, guaranteed issue rights (sometimes called “Medigap protections”) are rights you have in certain situations when insurance companies are required by law to sell or offer you a Medicare Supplement policy even if you have health problems, or pre-existing conditions. Guaranteed Issue Periods for Medicare Supplement Plans are in addition to the Open Enrollment Period, also known as your Initial Enrollment Period, which begins three months before the month of your 65 th birthday, includes your birth month, and continues three months after your birth month.
How long is the open enrollment period for Medicare Supplement?
If you did not enroll in Medicare when you were first eligible (age 65) and you apply during the General Open Enrollment Period for original Medicare Part A and/or Part B, you have a six month Open Enrollment Period for enrollment into a Medicare Supplement Plan.
How long does Medicare coverage last?
Note: Your rights may last for an extra 12 months under certain circumstances.
What is the definition of union coverage after Medicare pays?
1. If you have Original Medicare and an employer group health plan ( including retiree or COBRA coverage) or union coverage that pays after Medicare pays and that plan is ending.