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Warranty Vs Guarantee! #supplychain #procurement #contractmanagement #negotiation

Warranty Vs Guarantee!

#supplychain #procurement #contractmanagement #negotiation

Warranty and guarantee are both assurances provided by manufacturers or sellers, but they differ in scope and duration. A warranty is a commitment made by the manufacturer or seller to replace or repair a product if it fails to meet quality standards or malfunctions within a specified period after purchase. On the other hand, a guarantee promises to refund the purchase price or replace the product if it does not meet the buyer's expectations within a certain timeframe.

In summary, while a warranty covers defects or malfunctions, a guarantee focuses on performance or satisfaction within a specified period of time.

Keywords

Warranty, Guarantee, Manufacturer, Seller, Quality standards, Malfunctions, Performance, Satisfaction, Refund, Purchase price, Defects, Timeframe

FAQ

  1. What is the difference between a warranty and a guarantee?
  • A warranty is a commitment by the manufacturer or seller to repair or replace a product if it fails to meet quality standards within a specific period after purchase. In contrast, a guarantee promises to refund the purchase price or replace the product if it does not meet the buyer's expectations within a certain timeframe.
  1. What does a warranty cover?
  • A warranty typically covers defects or malfunctions in a product within a specific period after purchase.
  1. What does a guarantee assure?
  • A guarantee assures performance or satisfaction of a product within a specified period of time and offers a refund or replacement if the product fails to meet the buyer's expectations.