A guarantor is someone who provides a guarantee.
Guarantor is one who gives guarantee . The concept has its origin in a word of French origin. Some phrases in which it appears used could be: "My son asked me to be a guarantor in the real estate transaction" , "I want to request a loan, but I can't find a guarantor" , "The company requests a guarantor before delivering the machines in consignment» .
To better understand the meaning of the term, it is necessary that we first define the one with which it is directly related: guarantee . This concept is defined as the effect of strengthening what is stipulated . To provide this security, a real guarantor (who undertakes to provide a guarantee with something specific) or a symbolic guarantor (who uses his name or reputation as a guarantee) can be used.
When a personality or an organization appeals to its reputation or commitment to provide guarantee in the midst of certain conflicts, they are also called this way. In a confrontation between two countries, for example, a third nation may appear and offer itself as a guarantor of peace within the framework of the negotiations. This third nation guarantees that none of the opposing sides will resort to violence while the process lasts.
Legal guarantor
At a legal level, the guarantor is the one who is forced to respond for another person when they cannot or do not want to comply with their payment obligations.
In a rental contract, for example, the tenant or tenant (who rents) must present a guarantor to the landlord (who puts something up for rent, generally a property). If the tenant does not pay the rent, the guarantor must take charge and deliver the corresponding money, since he offers the guarantee to the landlord.
The manufacturers of many products usually act as guarantors for a certain period.
Protection against a purchase
The legal guarantee is what the law grants against a consumer relationship in which, as stipulated by current legislation, both parties agree to fulfill a part of a deal to which they both agree.
These guarantees are protected by four fundamental rights: return, repair, price reduction and contract termination. They may change taking into account the type of product and commercial relationship established between the interested parties.
The obligations of the guarantor
In the case of a new product , the person who offers/sells a product must respond to any defects it presents within a period of at least 2 years, from the date on which the product is delivered. This means that the buyer has the security that, for two years, they will be able to rely on the company's technical service to address any possible damage that may arise.
Continuing with new products, the company that manufactures it is the guarantor , which will be responsible for fixing or returning the money to the buyer, if the product does not respond to what is established in the purchase-sale contract.
If the product is second-hand, the period available to the buyer to exchange it is 1 year, sometimes less, taking into account the contract established when the purchase was made. In these cases the guarantor is the buyer himself , he undertakes to respond for the products if they do not meet the buyer's expectations.
The legal warranty period does not begin to run until the product is sold; That is, the starting point of said clock is the issuance of the ticket, delivery note or purchase invoice . And it will expire, depending on what is established, when the corresponding time expires.
In the event that a product must be sent for repair or replacement, the warranty terms are suspended from the moment it is sent to the guarantor; and they will be resumed once the product is sent to the consumer in question again.