A warranty is a type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It refers to the terms and situations in which repairs or exchanges can be made if the goods do not operate as originally described or intended. Investopedia
What Does A Warranty Cover?
A warranty sets out the conditions where a product may be:
A product’s warranty acts as a guarantee that the item purchased will perform to a certain standard.
How Long Does A Warranty Last?
The duration of a warranty may be for the lifetime of the product or a limited period. The warranty may cover all kinds of damage or be limited to certain parts or types of damage.
What Will Void A Warranty?
A warranty may be invalid if:
- The item is not used as intended or it is misused
- The warranty period has expired
- The defect or part is not covered
- The product failure is due to a lack of proper maintenance
- Significant alterations have been made to the product which affects its performance.
Two Main Types of Warranty
- Implied Warranty
- Express Warranty
See ‘What Is An Implied Warranty next.
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