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Warranty

Warranty

A warranty, also commonly known as a guarantee, is a statement made by the owner, manufacturer, or seller of a product and service, regarding the condition of the product or service. It’s a promise that the product or service will stand the test of a particular time period and, should any problems arise within that time, the issuer would rectify those. A warranty can be seen differently from a business, legal, or ethical perspective. It is of many kinds. The warranty may be expressed or implied, verbally or written, full or limited, or any other form agreed upon by the seller and the customer.

Features

According to the Federal Trade Commission (FTC), the primary arbitration institution when it comes to warranty law, a warranty on a product and service must have the following elements:

  • A particular time period for which the warranty will be valid, and any potential limitations on the length of the warranty.
  • An express statement about which products and services would be excluded from, or covered by, that warranty.
  • What the customer must do to claim the warranty.
  • What the guarantor would do once the warranty is claimed.
  • The legal rights of the consumers.
  • Some of the damages on which the warranty cannot be claimed.

The kinds of warranties

Implied warranty

The laws of various states recognize the implication of a guarantee on the quality and integrity of the product or service during the financial transaction. Therefore, the implied warranty is an agreement between the manufacturer or the seller, and the buyer or consumer; which is not expressly written or spoken, but rather implied.

Express warranty

Express warranties are explicit and particular promises made by the guarantor to the consumer regarding the product or services. Express warranties are usually made voluntarily, rather than under compulsion from the state law. They can be oral or written, although the Magnuson-Moss Warranty Act only covers written warranties.

Limitations on warranties

Manufacturers or sellers can choose to apply certain limitations on the conditions under which the consumers can request the solution to the problems. The limitations on a warranty can be on the time period for which the warranty is valid, or the circumstances surrounding the damage of the product. Often, manufacturers can choose to offer full or limited warranties.

A full warranty dictates the consumers would receive free repairs, and that they have no responsibility other than to report the damage or defect to the manufacturer. If the repair is unsatisfactory, the customer receives a full refund.

A limited warranty, on the other hand, imposes certain limits on the liability of the guarantor in case of a problem. For instance, the offer to perform free repairs can only be for a limited period of time.


Further Reading

System design from wires to warrantySystem design from wires to warranty
trid.trb.org [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

Determination of production run time and warranty length under system maintenance and trade creditsDetermination of production run time and warranty length under system maintenance and trade credits
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

Optimal reliability, warranty and price for new productsOptimal reliability, warranty and price for new products
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

Toward a Theory of Warranties in Sales of New Homes: Housing the Implied Warranty Advocates, Law and Economics Mavens, and Consumer Psychologists Under …Toward a Theory of Warranties in Sales of New Homes: Housing the Implied Warranty Advocates, Law and Economics Mavens, and Consumer Psychologists Under …
heinonline.org [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

A warranty model for remanufactured productsA warranty model for remanufactured products
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

General distributional properties of discounted warranty costs with risk adjustment under minimal repairGeneral distributional properties of discounted warranty costs with risk adjustment under minimal repair
ieeexplore.ieee.org [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

A maintenance strategy for two-dimensional extended warranty based on dynamic usage rateA maintenance strategy for two-dimensional extended warranty based on dynamic usage rate
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

Determining optimal warranty periods from the seller's perspective and optimal out-of-warranty replacement age from the buyer's perspectiveDetermining optimal warranty periods from the seller's perspective and optimal out-of-warranty replacement age from the buyer's perspective
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

Preventive maintenance and optimal buffer inventory for products sold with warranty in an imperfect production systemPreventive maintenance and optimal buffer inventory for products sold with warranty in an imperfect production system
www.tandfonline.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …

What's a Warranty Worth? The Impact of Home Owner Warranties on Property Sales.What's a Warranty Worth? The Impact of Home Owner Warranties on Property Sales.
search.ebscohost.com [PDF]
… of onboard electronics, integration of functionality, the implementation of quality and reliability standards, and the optimisation of systems through multiplexing to reduce warranty costs … Uncontrolled Terms: Optimum; Subject Areas: Design; Economics; Finance; Vehicles and …


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Section 508

WCAG 2.0

Section 508