Warranty v Guaranty
A warranty is a direct promise or agreement by a party to a contract (ie: roofer or seller of a product) to indemnify the other party (ie: property owner or purchaser of a product) against loss. The warranty may be limited.
A guaranty is a collateral agreement for the performance of another's undertaking only if and when the other party fails to perform a guaranty may be limited.
The word guarantee is commonly used as a verb to denote the action of assuming the responsibilities of a guarantor.
Following are several types of warranties offered by some contractors.
- Air Conditioning Equipment - Common Areas
- Deck Resurfacing Repairs
- Painting - Common Areas
- Pool - Spa Plastering/Equipment
- Roof Replacements/Repairs
- Solar Heating System
- Tennis Court Surfaces
- Termite Work
- Water Heaters - Common Areas