Guaranty – in the meaning, given by the Commercial Law, this term details an agreement which has not been addressed to a certain purchaser, where the vendor undertakes the obligation to repair or swap these goods, if shortcomings or defects appear within a certain deadlines (called “guarantee term”) after the purchase is made. Within the provision of the Building Law, the guaranty is the proclaimed by the Structure of Territory Act legal liability of the builder to repair any shortcomings or defects if occurred within certain deadlines – in some jurisdictions namely 10 years to external construction and 5 years for internal building and finishing works.

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