What is a guarantee or warranty?

What is a guarantee or warranty?

A warranty is a guarantee of the integrity of a product and of the maker’s responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.

What is the meaning of the term warranty?

A warranty is a written promise by a company that, if you find a fault in something they have sold you within a certain time, they will repair it or replace it free of charge. a twelve month warranty. The equipment is still under warranty. Synonyms: guarantee, promise, contract, bond More Synonyms of warranty.

What is a replacement guarantee?

A replacement guarantee means you have to recruit a replacement candidate at your own cost. Therefore, the replacement guarantee means you may have to do additional work for no extra cost even after a successful placement.

What is warranty and its types?

Implied warranty. An implied warranty in the law of contract is solely based on presumption. There are two types of implied warranty : The implied warranty of merchantability. The implied warranty of fitness for a particular purpose.

What are the basic terms of a warranty?

It’s extremely important to understand every word of the agreement prior to signing.

• Extended Warranty. The term used to describe the contract between the vehicle owner and the coverage provider.
• Deductible.
• Mechanical breakdown.
• Named component coverage.
• Power Train.
• Wear and Tear.

What is the difference between indemnity and warranty?

DIFFERENCES BETWEEN WARRANTIES AND INDEMNITIES. A warranty is a statement by the seller about a particular aspect of the target company’s business. An indemnity is a promise to reimburse the buyer in respect of a particular type of liability, should it arise.

What is service warranty?

A “Service Warranty” is a warranty, guaranty, extended warranty or extended guaranty, maintenance service contract equal or greater than 1 year in length that provides protection against the cost of repair, replacement or maintenance of a consumer product, in return for the payment of a premium.

Is product replaced in warranty?

The warranty is given to the products offered by the company but not on the services. As promised by the seller, if the product doesn’t work as per the conditions specified by the seller, then seller is liable to replace or repair the defective product with the new one.

What is guarantee period in recruitment?

A typical guarantee promises that if the new appointment either leaves or is terminated within a certain period of time (usually 3 to 6 months), then the recruitment agency will undertake to find the client a suitable replacement candidate free of charge.

What is retention guarantee?

Retention Money Guarantee is a written document issued to the owner or the buyer from the Bank to guarantee that applicant will continue to fulfill contract obligation after withdrawing final payment of the contract price in advance, at the request of construction contractor or supplier.