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The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended. The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended.
Wiki User
∙ 16y ago
Wiki User
∙ 11y agoA warranty is a promise to replace or repair an item if the item does not satisfy the terms of the warranty.
A guarantee is a promise to return the money paid to purchase an item if the item does not satisfy the terms of the guarantee. That is why a wedding photographer can only offer a "money back" guarantee, and not a warranty.
According to the 1985 Moss Magnuson Act, warranty and guarantee are the same thing.
A guarantee is a document to protect consumer rights. It is a promise by a seller with a buyer for complete replacement of the item/ article or product; usually guarantee is valid for a fixed period of time. It has a legal status, even if we do not pay for or it was offered free of cost by a seller.
Warranty is also a document that protects consumer rights. It is more or less like insurance policy for that we have to pay certain amount to come into legal contract. So on the basis of this legal bond the company can be taken to court if it does not bound what has been agreed in the warranty document. Warranty covers only repair of the article.
Guarantee is more in manufacture, Warranty is more in distribution and reselling parts; for example, a company manufacture a scooter is liable for manufacture guarantee,on the other hand, some importer or distributor resell the products will use warranty
A guarantee is giving you their word (kinda like an empty promise.) A warranty is in writing that they will correct any problem within the scope of the warranty. Take a warranty over a guarantee anytime.
Read more: What_is_the_difference_betwen_a_guarantee_and_warranty
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Difference between guarantee and warranty?
guarantee means that the seller will completely replace the product or item while warranty means that the seller will repair the product or item. SHAHZAIB SHEHZAD
What are the differences and similarities between company limited by guarantee and incorporated trustees?
discuss the similiarities and differences between incorporated trustees and company limited by shares
What are the similarities and differences between a company limited by guarantee and incorporated trustee?
what is an incorporated trustees
What is cookware warranty?
The period for which it is covered by guarantee.
Is there a warranty or money back guarantee on the Epson S020122 Ink Cartridge?
yes,there is a warranty or money back guarantee on the Epson S020122 Ink Cartridge
What is the difference between warranty and guaranty?
Warranty- Promising to repair or replace it if necessary within a specified period of time Guarantee- A promise that a product will be repaired if not of a specified quality. Its not a big difference.
What is the difference between a guarantee and a warranty?
A warranty is a promise to replace or repair an item if the item does not satisfy the terms of the warranty. A guarantee is a promise to return the money paid to purchase an item if the item does not satisfy the terms of the guarantee. That is why a wedding photographer can only offer a "money back" guarantee, and not a warranty. According to the 1985 Moss Magnuson Act, warranty and guarantee are the same thing. A guarantee is a document to protect consumer rights. It is a promise by a seller with a buyer for complete replacement of the item/ article or product; usually guarantee is valid for a fixed period of time. It has a legal status, even if we do not pay for or it was offered free of cost by a seller. Warranty is also a document that protects consumer rights. It is more or less like insurance policy for that we have to pay certain amount to come into legal contract. So on the basis of this legal bond the company can be taken to court if it does not bound what has been agreed in the warranty document. Warranty covers only repair of the article. Guarantee is more in manufacture, Warranty is more in distribution and reselling parts; for example, a company manufacture a scooter is liable for manufacture guarantee,on the other hand, some importer or distributor resell the products will use warranty A guarantee is giving you their word (kinda like an empty promise.) A warranty is in writing that they will correct any problem within the scope of the warranty. Take a warranty over a guarantee anytime.
What is the difference between warranty and guarantee?
GuaranteeA guarantee is usually free and is a promise about an item by the manufacturer or companyIt's a promise to sort out any problems with a product or service within a specific, fixed period of timeWhether you paid for a guarantee or not, it is legally bindingThe guarantee must explain how you would make a claim in a way that is easy to understandIt adds to your rights under consumer lawIt will take effect whether or not you have a warrantyWarrantyA warranty acts like an insurance policy for which you must pay a premium - Sometimes a warranty is called an 'extended guarantee'May last longer than a guarantee and cover a wider range of problemsA warranty is a legal contractThe terms of the contract should be clear and fairDoes not reduce your rights under consumer lawA warranty can be in place with a guaranteeRead more: http://www.access-legal.co.uk/free-legal-guides/whats-the-difference-between-a-guarantee-and-a-warranty-1314.htm#ixzz2HxdmOdjy
What is a warranty bond?
Warranty bond is guarantee for investor, that contractor will solve all warranty issues in warranty time. If contractor will not solve this issues or will bancrupt, investor has a guarantee from bank and will be compensated in money. Typically this product is used in building constrution bussines.
How do you spell garentee?
The correct spelling may be guarantee or guaranty (to warrant or assure, or a warranty).
A guarantee that is legally binding to the company who issues it?
warranty
What is the plural of warranty?
The plural of guarantee is guarantees.
