Jargon Buster
Guarantee
A written statement given by a product's manufacturer or other company indicating that they will repair or replace it within a set amount of time after it has been purchased.
If you buy a faulty item, you can return it to the retailer, who then has to repair or replace it or give you a refund. This is your statutory right. But if the product also comes with a guarantee, you have further protection.
A guarantee also gives these rights to anyone possessing the goods during the lifetime of the guarantee. This is useful if you received the item as a gift - you do not need to go back to the retailer and show proof of purchase to claim the guarantee.
Guarantees can apply to services as well as products. For example, damp-proofing work on a house may also be guaranteed for a specific period of time.
Guarantees are legally binding - enforceable through the courts if necessary.
Retailers and manufacturers generally don't charge for guarantees. But you may be offered the option of an extended warranty to cover a longer period, and this is charged for.