My wife and I got talking when she returned home from the sales and marketing of some electronics products she recently dabbled into. As expected, the market terrain for products considered as “Luxury” was a bit tough, no thanks to the biting economic crunch. She complained about how dealers are unwilling to make purchases because of the drastic drop in sales. However, one recurring decimal in her field experience was the issue of Warranty and Guaranty on the products. Dealers expressly demanded to know exactly what offer of Warranty and/or Guaranty comes with the products. According to her, a particular dealer made it plain to her that she prefers to stock products with Guaranty instead those with just Warranty.
This got me thinking: What is the difference between Warranty and Guaranty? What should I choose or insist on as a Nigerian consumer?
In my search for answers, I came across the following information. I will be brief and precise.
A Warranty is a tool used in a transaction to assure a purchaser of certain existing facts about a product or service, often times relating to the title, quality, or quantity of the product or service, upon which the purchaser can rely upon to make purchases. A breach of a warranty gives the purchaser the right to claim damages but not to treat the contract as null and void.
A guarantee is an agreement from the manufacturer affirming their willingness to repair or replace an item or even refund money if something goes wrong within a certain period of time after purchase.
A guarantee gives you additional protection and empowers you as a consumer. The guarantee generally applies to the item during a specific time after you purchase it. Guarantees also apply to services, such as, installation and repair services in your home can have a guarantee.
One differentiating feature of a guaranty from a warranty is that a guarantee can be provided by a third party besides the manufacturer. More so, guaranties may not last as warranties do and may not cover a wide range of issues like a warranty does, but is still as effective as a warranty.
Nigerian Consumer, Please Note …
- Warranties and Guaranties have of terms and conditions attached to them. Your claim (warranty or Guaranty) is only as valid as the evidence you provide that the product was in no way misused, or that it isn’t simply the case that you don’t need it anymore. Depending on jurisdiction, a condition still must be met.
- Always check the terms and conditions of the guarantee. For example, you may need to register the guarantee with the manufacturer for certain conditions to be met.
- Find out exactly what the guarantee or warranty covers. It may explain what happens if you give or sell the item to somebody else during the guarantee period. For example, with electrical appliances and gadgets, are all parts or just specific parts covered?
- Don’t forget the small print/slip. Keep it safe. You may need it to claim your warranty or guarantee.