What is the Difference Between a Warranty and a Guarantee?
Whenever a customer purchases a product from the market, they ensure whether or not the product fulfills their expectations. However, there are occasions when products available in the market fail to satisfy the buyer’s expectations. It can so happen that the product stops functioning and if that happens then the role of the warranty or guarantee comes into play. This content highlights the difference between a guarantee and a warranty.
Difference Between Warranty and Guarantee
What is the Warranty?
Warranty is a commitment from the manufacturer to the customer. If the product gets damaged or causes issues while functioning, then the manufacturer has to provide free repair for the same. In a warranty, the manufacturer does not commit to the replacement of the product but commits to repairing the product. Warranty is a period within which the company is responsible to repair the product if the product fails to work properly. If a company does not provide a warranty for the products, then it can be said that the company is not confident of its products.
What is a Guarantee?
On the contrary, a company guarantee on a product implies that the company first tries to repair the problematic product. If the issue is not addressed well, then the company offers free replacement of the product. A guarantee covers entire products whereas a warranty implies limited liability for the product manufacturer. The product warranty is obtained in a written form. However, a guarantee may not in the written form, it may be in the oral form. Warranty involves cost and that cost is paid by the buyer. There is a concept termed a warranty extension and that is a choice of the customer. Product warranty is in the form of a 2 years warranty, 5 years warranty, or lifetime warranty. A guarantee is in the form of a 100% guarantee.
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