Difference Between Guarantee and Warranty (with Comparison Chart) – Key Differences
The market is flooded with millions of products, of same nature, type, size and quality, which make it hard to pick one product over the other. As a buyer, you can specify the product of your choice by setting a standard for the manufacturing entities. In this context, the term warranty is quite commonly used. It implies a formal assurance given to the customer about the state of the product are true and declares that the manufacturer will be responsible for the repair or replacement, if found defective.
Warranty, is often confused with the term guarantee, which implies a commitment given by the seller concerning the product quality. The main difference between warranty and guarantee is that while the former is written, the latter is implied.
Before buying any products in traditional or online mode, one should be known about the difference between guarantee and warranty, so as to safegaurd the interest and also to avoid deception.
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Content: Guarantee Vs Warranty
Comparison Chart
Basis for ComparisonGuaranteeWarranty
MeaningThe guarantee serves as a promise made by the manufacturer, to the buyer, that in case the product below quality, it will be repaired, replaced or the money deposited will be refunded.Warranty is a written assurance that the facts specified in the product is true and genuine, but if they are not it will be repaired or replaced.
What is it?CommitmentAssurance
Applicable toProduct, service and persons.Product only.
Condition of saleMay or may not be a condition of saleSubsidiary condition of sale, which may be expressed or implied.
ValidityIt can either be oral or written.It is generally written and so it is easy to prove.
CostFree of costThe buyer has to pay for warranty.
TermVaries from item to itemLong term
Money back (in case of default)YesNo
Definition of Guarantee
The guarantee is defined as the promise for the after-sales performance of the product or service. It expresses that the manufacturer has given promise regarding the content, quality or performance of the product and in case, the obligation is not fulfilled then the manufacturer will replace or repair the product or the money paid as consideration will be refunded. Although, it is valid up to a fixed time only. Guarantee adds to the rights of the consumer.
In the contract of guarantee, there are three parties, i.e. surety, the principal debtor, creditor where the manufacturer acts as a surety, if the performance of the product is below average.
Definition of Warranty
Warranty is defined as an assurance given by the manufacturer or seller to the buyer that the specified facts about the product are true. It is a collateral condition to the main objective of the contract. It specifies that the particular product is up to the standard, i.e. quality, fitness and performance. It applies to tangible objects like machines, electronic equipment etc.
In case if the product does not satisfy the set standards, then the manufacturer will repair it or replace its defective part, or it will be completely replaced. There are two types of warranty i.e. express or implied.
Key Differences Between Guarantee and Warranty
The major differences between guarantee and warranty are described below:
- The guarantee serves as a promise made by the manufacturer, to the buyer, that in case the product is below the specified quality, it will be repaired, replaced or the money deposited will be refunded. Warranty is a written assurance that the facts specified in the product are true and genuine, but if they are not it will be repaired or replaced.
- The guarantee is a sort of commitment made by the manufacturer to the purchaser of goods, whereas Warranty is an assurance given to the buyer by the manufacturer of the goods.
- Guarantees can be oral or written, where oral guarantees are very hard to prove. As opposed to warranty, which is usually written and so, it can be easily proven.
- 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.
- The term of the guarantee varies from item to item. Conversely, the warranty is for long term or any product or any part of the product.
- In the case of guarantee, money back is possible, if stated specifically, however, this is not possible in warranty.
- A warranty is a subsidiary condition of sale, which may be expressed or implied. On the other hand, guarantee may or may not be a condition of sale.
Conclusion
After the deep discussion above, we can say that to some extent guarantee and warranty resemble each other, as they both talk about the performance of the product, but they are not the same thing.
