Definition: A pledge, usually in writing, given by a company to any customers that something is of specified quality, content, benefit or that it will provide satisfaction or will perform or produce in a specified manner.
A guarantee also outlines what will happen should the buyer not be satisfied with his purchase.
What do you mean by guarantee and warranty?
“a written guarantee promising to repair or replace an article if necessary within a specified period.” A warranty is a type of guarantee; in the case of a product guarantee/product warranty, it’s basically the same thing – the company undertakes to repair or replace your goods if they go wrong.
How long should a guarantee last?
The Sale of Goods Act offers protection against faulty goods even when the manufacturer’s guarantee has run out. The act says goods must last a reasonable time – and that can be anything up to six years from the date of purchase.
Which is an example of an implied warranty?
An implied warranty is an unwritten guarantee that a product or service works as expected. How it works/Example: An implied warranty is a lot like an assumption. For example, when you buy a new car from a car dealer, the implied warranty is that the car works.
Which is better guarantee or warranty?
The guarantee covers product, service, persons and consumer satisfaction while warranty covers products only. The guarantee is free of cost. On the other hand, the customer should have to pay for the warranty to safeguard the interest. A guarantee is comparatively less formal than a warranty.