Guarantee Period

Guarantee Period

 

in civil law:

(1) The period of time within which a buyer who has detected hidden deficiencies in a product (merchandise) may lay claims against the supplier (seller).

(2) The period of time for which the producer guarantees the stability of the quality indexes of the article.

In the USSR the establishment of guarantee periods is one of the most important measures to heighten the quality, increase the reliability and durability, and obtain much use from products. Using guarantee periods for industrial products is a widely accepted and growing practice. For products of long use and durability, guarantee periods have been established by government standards (GOST) or technical standards. If guarantee periods for any product have not been provided for by GOST or the technical standards, the contracting parties may agree independently on their own guarantee periods; they may also agree in the contract on longer guarantee periods than those of GOST or the technical standards.

The guarantee period usually runs from the moment the producer hands the product (merchandise) over to the user. The guarantee period of consumer goods sold through retail commercial organizations runs from the day of retail sale. The establishment of guarantee periods for the wear of some products allows for an extension of the general time limit to establish those faults of the merchandise that cannot be discovered in normal use. The use of guarantee periods widens the possibility for claims and suits for redressing deficiencies or exchanging merchandise. The supplier (producer) is liable to correct free of charge the deficiencies of the product for which a guarantee period had been established or to exchange it, unless he can prove that the deficiencies resulted from the buyer’s disregard of the rules of using or preserving the product.

E. G. POLONSKII

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References in periodicals archive ?
The guarantee period can be extended correspondingly, but should not exceed the maximum guarantee period of 7 years, with guarantee fee payable to cover the extension of the guarantee period.
Muscat : A considerable majority of respondents to a survey are against reducing the guarantee period for domestic workers, from 180 days to 90 days, the Ministry of Manpower has revealed.
News Report Local electronics and electrical manufacturer 'Marcel' extended the replacement guarantee period of its television panels to 4 years.
"We are responding with two new fixed annuities that can provide greater value as people plan and save for retirement." Both the Brighthouse Fixed Rate Annuity and Brighthouse Fixed Rate Annuity MVA are single premium deferred fixed annuities that offer consumers a guaranteed rate of interest for the Initial Guarantee Period. Consumers can select an Initial Guarantee Period of 3 years, 5 years or 7 years at the time of purchase.
The easy-to-install small device is operated by a remote control, and has a guarantee period too.
He explained that the implementation period is 32 months starting from the assignment date, in addition to 24 months as a guarantee period for each project.
The crux of the matter, for an individual home owner, is the short guarantee period offered by suppliers and installers.
You may have had the same experience as I that a car's battery always seems to pack up in winter just a month or so after the expiry of its guarantee period.
Guarantee Period: this option guarantees that the annuity income will continue to be paid into your estate if you die before guarantee period ends.
Further, if you're wilting to price below expected claims, you need to consider whether that risk is justified for a case that may-not stay on the books beyond the initial rate guarantee period.
Local auto dealers cited several reasons for the sales increase, including the recovering economy, extended guarantee period offered by carmakers, and imported new-year car models being delivered etc.