A warranty is a written guarantee issued to the purchaser of an article by the manufacturer, promising to repair or replace it if necessary within a specified period of time. That last part is the tricky part. You see, the last part really makes you wonder about the first part. If the product is that good (and they tell you it is), then why do they specify the warranty period as relatively short? The shorter the warranty period, the easier it is to understand the warranty itself. The longer the warranty period, the more sketchy are the details as to what is covered. I would advise not just reading the fine print, but understanding the fine print before you sign a thing. How about the concept of the “Extended” warranty. Extended means that you are paying for that warranty longer. A Consumer Reports survey found that 55% of car buyers who purchased an extended warranty never used it for repairs even though the median coverage was $1200 and for those who did use it spent hundreds more for the coverage than they saved in repair costs. The better the product, the less there is a need for a warranty.
There was a push in some parts of the country during the 1990’s for high schools to give warranties on their students based on their abilities to perform well in the real world in terms of functional literacy. The premise was that schools were required to guarantee that their students could read, write, and do arithmetic. Once hired, if those same students were found to be performing below the guaranteed level, then the schools had to provide remedial instruction. The warranties served two purpose;; (1) To give businesses confidence in the high school grads and (2) Instill confidence in teachers that their efforts were worthwhile. How about you – are you ready to GUARANTEE that all of your students are ready for the next level and will put that in a written warranty that if not, you will provide the necessary remediation? A novel concept, isn’t it? The better the product, the less there is a need for a warranty.