What is the Difference Between Warranty and Guarantee

The main difference between warranty and guarantee is that warranty is a written promise whereas guarantee may be written or oral.

Although the two words warranty and guarantee are very similar, there is a difference between the two. A guarantee is a promise or assurance of the quality of a product or service. A warranty, on the other hand, is a formal and written guarantee. In brief, a warranty is more specific, while a guarantee is more general.

Key Areas Covered

1. What Does Guarantee Mean
    – Definition, Meaning 
2. What Does Warranty Mean
     – Definition, Features
3. What are the Similarities Between Warranty and Guarantee
    – Outline of Common Features
4. What is the Difference Between Warranty and Guarantee
    – Comparison of Key Differences

Key Terms

Guarantee, Warranty, Quality, Products

What Does Guarantee Mean

A guarantee is a promise or assurance that something is of specific quality, or that it will perform adequately for a given length of time. In the consumer goods sector, a guarantee attests the quality or durability of a product.

The word guarantee acts both as a noun and a verb. We use the verb guarantee in a general context to assure people we have confidence in a product or service. For example, “I guarantee you that this machine will make you lose weight in one week”. In legalese, the term guarantee has a different meaning. The People’s Law Dictionary defines it as “to pledge or agree to be responsible for another’s debt or contractual performance if that other person does not pay or perform”.

What Does Warranty Mean

A warranty is basically a written guarantee issued to the purchaser of a product by its manufacturer, agreeing to repair or replace it if necessary, within a specified period of time. In brief, it is a guarantee of quality. A warranty includes the terms and conditions relevant to repairs or exchanges in the event that the product that does not function properly. A warranty’s terms usually begin at the date of purchase.

Warranties also have exceptions that limit the conditions in which the manufacturer is obligated to rectify a problem. For instance, common household items have warranties that only cover the product for up to one year. However, more expensive items have warranties that extend to several years. Moreover, most warranties only cover problems arising from defective parts or workmanship.

Furthermore, warranties generally apply to products that have not been modified or altered after the purchase. For instance, if a vehicle owner uses nonstandard parts that affect the vehicle’s original functionality, the manufacturer can make the warranty on that vehicle invalid. Moreover, for some products, the buyer may have to pay an extra amount for a warranty.

Similarities Between Warranty and Guarantee

• Both warranty and guarantee originate from the Old French word 
• They basically have the same purpose – to assure the quality and durability of a product.

Difference Between Warranty and Guarantee

Definition

A guarantee is a promise or assurance that something is of specific quality, or that it will perform satisfactorily for a given length of time. In contrast, a warranty is a written guarantee issued to the purchaser of a product by its manufacturer, agreeing to repair or replace it if necessary, within a specified period of time.

Nature

A warranty is more specific while a guarantee is more general.

Form

Warranty is a written promise, whereas guarantee may be written or oral.

Formality

A warranty is generally more formal and legal than a guarantee.

Conclusion

A guarantee is a promise or assurance that something is of specific quality, or that it will perform satisfactorily for a given length of time. In contrast, a warranty is a written guarantee issued to the purchaser of a product by its manufacturer, promising repairs or replacements if necessary, within a specified period of time. A warranty is a written promise, whereas a guarantee may be written or oral. Moreover, a warranty is more specific than a guarantee. This is the main difference between warranty and guarantee.

Reference:

1. Kenton, Will. “What You Should Know About Warranties.” Investopedia, 29 Jan. 2020, Available here.

Image Courtesy:

1. “374388” (CC0) via Pixabay

2. “10 Year Warranty” By Mark Morgan (CC BY 2.0)via Flickr