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Warranties and Guarantees: Why Bother?
What is a Warranty?
A warranty is a promise by the manufacturer that he would take responsibility for any defects and or repairs to any item, which is sold to a consumer.
What is a Guarantee?
A guarantee is a formal promise or assurance that the good or service is of a specified quality and durability.
How are Guarantees and Warranties Connected?
"Warranty" and "guarantee" are used interchangeably, but there is a distinction i.e. if an item, which is guaranteed for two years malfunctions six months after purchase, the warranty comes into effect.
Types of Warranties
Warranties may be implied or expressed, limited or full.
Implied: all goods are expected to be of merchantable quality and fit for the use for which they are sold, e.g. a toaster should toast.
Expressed: this type of warranty should be given in writing. It should state:
- What is covered under the warranty?
- The length of warranty (time)
- The specific component that is warranted and for what period.
- Whether or not both parts and service/labour will be supplied free of charge.
- The parts that are not warranted
Limited: this type of warranty may cover:
- Only parts and not labour
- Certain components, not the entire product
- Only the first buyer of the good, in the case of second-hand purchases
Full: the type of warranty may cover:
- The entire product for the full period of time warranted
- Only certain parts for the period
CONSUMERS IT IS YOUR RESPONSIBILITY TO UNDERSTAND THE TERMS AND CONDITIONS UNDER WHICH YOU ARE PURCHASING. ASK THE RIGHT QUESTIONS!
Remember, the power is yours!
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