The key difference between guarantee and warranty is that guaranties can apply to products, services, and even persons, while warranties are only applicable to products.
We often use the words guarantee and warranty interchangeably as both of them are promises made by manufacturers. A guarantee can be either oral or written, while a warranty is usually written. Moreover, a guarantee period differs from product to product, whereas a warranty period tends to be long-term.
CONTENTS
1. Overview and Key Difference
2. What is a Guarantee
3. What is a Warranty
4. Guarantee vs Warranty in Tabular Form
5. Summary – Guarantee vs Warranty
What is a Guarantee?
A guarantee is a promise for the after-sales performance of a product or service. This is valid only for a specific time. In other words, a guarantee is a promise made by the manufacturer regarding the product’s quality and performance, and if it is not fulfilled, the manufacturer will repair or replace the product, or the money will be refunded. It is a kind of assurance given by the manufacturer to the seller saying that the product will work as promised. Guarantees cover not only products but also services. A guarantee can either be oral or written; however oral guarantees are difficult to prove.
Advantages of Guarantees
There are two main advantages of guarantees:
- The users can get their products and services replaced, repaired, or refunded within the guarantee period, and they do not have to pay for it.
- If the product or service cannot be repaired or replaced, the users are bound to get a refund, especially if there is 100% refund assurance the users can get the full amount back.
What is a Warranty?
A warranty is an assurance provided by the manufacturer to the users that specific facts about the product are true. It indicates that the product is up to certain standards such as quality, durability, or performance. If these standards are not met, then the manufacturer will repair or replace the product within the warranty period. Users can get this done without making any payment during the warranty period. However, no refunds will be given unless it is specifically mentioned in the warranty.
Warranties are only related to products. A warranty is normally in written form so that it is easy to prove. Generally, warranties are given by companies to show that they are confident about their product and its quality and to make people trust them. Based on various tests done during the manufacturing process, manufacturers decide on the warranty period. This is based on the period that their product can work without any service requirement.
There are two types of warranty named express and implied. An express warranty is given by the manufacturer if the product has certain qualities, while an implied warranty is an unwritten promise given based on the nature of the transaction.
What is the Difference Between Guarantee and Warranty?
The key difference between guarantee and warranty is that guaranties can apply to products, services, and even persons, while warranties are only applicable to products. Moreover, a guarantee can be either oral or written, while a warranty is usually in written form. In addition, guarantees may promise a refund (full or partial), while warranties do not promise refunds.
The below infographic presents the differences between guarantee and warranty in tabular form for side-by-side comparison.
Summary – Guarantee vs Warranty
A guarantee is a promise for the after-sales performance of the product or service. It applies to products, services as well as, and persons. If the quality is not met, the manufacturers will either repair, replace the product/service or refund the money. Moreover, the guarantee period varies from product to product. A warranty, on the other hand, is an assurance provided by the manufacturer indicating that specific facts about the product are true. A warranty only applies to products. However, no refund is given if the quality is not met unless it is specifically mentioned in the warranty agreement. A warranty is normally in written form, so it is easy to prove it. So, this is the summary of the difference between guarantee and warranty.
Reference:
1. “Guarantee.” Wikipedia. Wikipedia Foundation.
2. “Warranty.” Wikipedia. Wikipedia Foundation.
Image Courtesy:
1. “Money Back Guarantee Sticker” (CC0) via Free SVG
2. “Acorn Computers Warranty…” By Kate (CC BY-NC-SA 2.0) via Flickr