Types of Warranty

Warranty is generally a written agreement between a merchant and a buyer to replace, repair or compensate for a product if it is found under or non-performing. It is given as a written document known as warranty document which states the terms and conditions under which the product can be denounced as faulty or under performing.

The major types of warranties are:

  1. Implied warranties

Implied warranties as the term suggests are unwritten and unspoken assurances which are automatically understood during the purchasing of a product. Fitness for a particular purpose is the basic implied warranty. It means that if a merchant sells a product to buyer, it is assured by him that the product is fit to perform the function for which the item is being purchased for.

  1. Express warranties

Express warranties are overt assertions and promises made by the merchant about a product. Unlike implied warranties, these are not automatically a part of sales contract. They are explicitly offered by the merchant. Express warranties can be made either orally or in writing ranging from advertising claims to formal certificates.

  1. Warranty against defects

This is the most common warranty. It is given against defects in material and workmanship of a product. This assures that the product is built properly with appropriate materials. This warranty assures that if a product is found faulty, either it will be fixed or replaced. It comes with a limited time offer so a customer can claim this warranty only till a limited time after purchasing the item.  It is also known as manufacturer’s warranty.

  1. Extended and lifetime warranties

Sometimes, a merchant can provide you with an extended warranty on a product. This means that the express warranty is extended to a certain time. On the other hand, lifetime warranty is not an extended warranty on express warranties rather it is given against warranty against defects. This excludes the performance factor of a product.

Elements of a warranty

The warranty document carries certain things to assure its usage. These are:

  • Warrantor’s name, business address, phone number and email address
  • Terms and conditions under which warranty is applicable
  • Details and procedures
  • Time period till the warranty is valid
  • Any exclusions or limitations on the warranty.

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