Warranties can be broad or limited. A broad warranty promise to cover any damage or defect or replace the product entirely. A limited warranty usually ties repairs to specific parts or a set period (90 days). The document needs to specify when a company will step in to make repairs and what it will do.
A warranty is a promise or assurance within a contract or transaction. The document essentially guarantees specific terms or details. A breach of the warranty can result in lawsuits and financial damages. When organizations decide to provide warranties, they need to consider the potential costs of non-compliance or document misinterpretation.
No, a written warranty is not essential for all transactions. However, if a business decides to create and distribute a written warranty, it must abide by the details of the document. By creating and providing a product warranty, a company increases its legal responsibility and liability, which may open itself up to potential lawsuits.
