What is Warranty?

A warranty is a formal written guarantee or promise made by a seller or manufacturer to a consumer regarding the quality, performance, and durability of a product or service. Warranties are legally binding agreements that outline the terms and conditions under which the seller or manufacturer will repair, replace, or refund the product if it fails to meet specified standards within a certain period. Here are key points about warranties:

• Legally Binding Agreement: A warranty is a legally binding contract between the seller or manufacturer and the consumer. It provides specific rights and remedies to the consumer in case the product does not meet certain standards or expectations.
• Formality: Warranties are typically provided in writing and follow a specific format. They include details about what is covered, what is excluded, the duration of the warranty, and any conditions that must be met for the warranty to be valid.
• Coverage: Warranties specify the aspects of the product or service that are covered. This can include defects in materials, workmanship, or performance. The coverage may also outline any limitations or exclusions.

Both guarantee and warranty convey a commitment to the quality of a product, a guarantee is often less formal and may not be as specific or binding as a warranty. A warranty is a more structured and legally enforceable agreement that provides consumers with specific rights and protections. It’s essential for consumers to understand the terms of both guarantees and warranties when making purchases.