A warranty is a direct promise or agreement by a party to a contract (ie: roofer or seller of a product) to indemnify the other party (ie: property owner or purchaser of a product) against loss. The warranty may be limited.

A guaranty is a collateral agreement for the performance of another's undertaking only if and when the other party fails to perform a guaranty may be limited.

The word guarantee is commonly used as a verb to denote the action of assuming the responsibilities of a guarantor.

Following are several types of warranties offered by some contractors.