The exact understanding of the aforesaid legal terminologies is still a debate. The word Guarantee means that, it is a personal assurance given by the company/individual that, it WILL perform/work perfectly for a particular period of time. Wherein a Warranty means to be an assurance by the company/individual that, it WOULD work/perform for a particular period of time and if not the company/Individual WILL make it work by servicing or replacing the spare parts. In case on Guarantee if the product fails the company/Individual is obligated at the very instance to replace it with a new one, wherein in case of Warranty the company/Individual is at the first instance obliged only to make it work by servicing or replacing the spare parts and a failure by the company/Individual to make the product work/perform results Finally in replacing the Product as an obligation because, it has become impossible to rectify the issues by itself.
The aforesaid legal phrase are advertisement tools in consumer market and are the by-product of the Legal phrase “Indemnity” which means “making THE loss good”. Even though the aforesaid phrase is used as advertisement tools by the company/Individual, it is a “Trust agreement” and it is supposed to be measured and adjudicated as and in accordance with the literal meaning of the word/phrase so used by company/individual for their benefit.
When some say that both the words are same then why have two different words to define the same situation, is it to confuse us or to know the difference.................
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