GUARANTEED PRICE Meaning and
Definition
-
Guaranteed price refers to a specific price level that is "guaranteed" or assured for a particular product, service, or investment. This term is often used in the context of business transactions, contracts, and agreements.
In commerce, a guaranteed price is typically a fixed or predetermined price that is agreed upon between a buyer and a seller. This price is legally binding and ensures protection for both parties from any unexpected fluctuations in the market. The guarantee aspect ensures that the agreed-upon price remains consistent and will not change, regardless of any external factors that might affect the value or cost of the product or service.
The concept of a guaranteed price is commonly applied in various industries such as agriculture, where farmers may receive government subsidies or insurance to ensure a minimum price for their produced crops. It is also prevalent in construction contracts, where a contractor may provide a written guarantee that the price of a project will not exceed a certain amount.
By having a guaranteed price, businesses and individuals can have more financial certainty and stability in their dealings, as they can rely on a fixed cost that will not be influenced by market fluctuations or unexpected events. This term represents a form of security and protection for both buyers and sellers, as they can plan their budget and financial projections based on the assured price.
Common Misspellings for GUARANTEED PRICE
- fuaranteed price
- vuaranteed price
- buaranteed price
- huaranteed price
- yuaranteed price
- tuaranteed price
- gyaranteed price
- gharanteed price
- gjaranteed price
- giaranteed price
- g8aranteed price
- g7aranteed price
- guzranteed price
- gusranteed price
- guwranteed price
- guqranteed price
- guaeanteed price
- guadanteed price
- guafanteed price
- guatanteed price
Etymology of GUARANTEED PRICE
The word "guaranteed" is derived from the Old French word "garantir" which means "to guarantee, warrant". It was formed from the word "garant" meaning "warrant, pledge" and the suffix "-ir" denoting action. The term "guaranteed" refers to providing a promise or assurance.
The word "price" originated from the Latin word "pretium" which means "value, price, reward". It is related to the Old English word "prīs" and the Middle English word "prys" with similar meanings.
When combined, "guaranteed price" refers to a specific amount or value that is promised or assured.
