What is called warranty agreement
Warranty agreement is a promise to customer by the Manufacturer for the repair or replacement of the defective article. The warranty agreement is for a limited period of time. This acts as a assurance for the product that is sold. This is also called as a Manufacturer’s warranty. The warranty agreement or warranty terms speaks about the description of the product, conditions and circumstances on warranty.
Parties and their Liabilities
The Manufacturer is solely responsible for the warranty even though the sale is carried out through the retailer. Hence the Retailer or the wholesaler or even the distributor is not in any way bound by the warranty agreement concede by the manufacturer.
Types of Warranty Agreement
Express Warranty: The express warranty is the one where the manufacturer expressively declares that there is a warranty on defect. Eg. There is a 2 years replacement warranty on Wrist Watch. This is an express warranty where the conditions are clearly stared unswervingly.
Implied Warranty: Here the Law implies a guarantee about the expected performance. For example, if you buy an iron box, it should produce heat, if this docent happen, you are eligible for compensation. You can approach the consumer court for the same.
Essential clauses of Warranty Agreement
Conditions on warranty coverage
Repair and Replacement terms
Warranty Exclusions
Limits on liability
Transferability provisions
Period of Agreement
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