What is a Warranty?

A warranty is an assurance or guarantee that a manufacturer or a seller of a product would repair or change the product purchased by a buyer if it breaks or malfunctions during the warranty period. Here are the key points to note about warranties:

• Terms of warranties vary from company to company.
• There are often limits or criteria that must be followed before a warranty can be claimed.
• There are some reasons that can cause a warranty to be denied, (such as misuse of product, alterations, and modifications parts of the product).

Related Topics

• What is a Product?
• What Types of Product are There?
• Durable Goods
• How are Goods Different from Services?
• What Components do Products Include?
• What is Product Quality?
• Perceived Value of a Product
• Why is Product Packaging Important?
• White Label Product
• What is Product Warranty?
• Innovation Adoption Curve
• Product Life Cycle