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In business and legal transactions, a warranty is an assurance by one party to the other party that certain facts or conditions are true or will happen. The party who purchases the product is permitted to rely on the warranty and seek legal remedy if the warranty is breached.

In a positive warranty experience, you should clearly understand the terms of the plan, the various associated costs and the value of the coverage you're receiving. Too many claim filings get denied because of ?gotcha? clauses?small details in the plan terms that prevent your claim from getting approved.

Answers to Your Top 7 Warranty Questions What is included in a standard warranty? ... What is not included in a standard warranty? ... What if I want more coverage or a specialized warranty? ... What other types of warranties are available? ... Can my warranty be transferred to a new owner? ... What if I want a warranty on used equipment?

The warranty of quality ensures that the seller remains liable to the buyer for any latent defect affecting the property sold even if he was unaware of them at the time of sale.

Clarify what the warranty does and does not cover. Be specific when writing out exactly what the warranty does and does not cover. For example, if your product malfunctions, write out whether you will pay for new parts, as well as labor. Do customers have to go to you for repairs, or can they use outside vendors?

ELEMENTS OF A WARRANTY Length of warranty. Description of the products, parts, properties, or characteristics covered by or excluded from the warranty. Steps for customer in the event that warranty coverage comes into play. Warrantor's response when confronted with product/service malfunctions, defects, or failures.

Download Sample Warranty Policy Template What does this Warranty Policy cover? What will you do to correct problems? How long does the coverage last? What does this Warranty Policy not cover? What do customers need to do to get repairs/service under the warranty? Applicable state laws.