warranty
Definition
A warranty is a promise you make to a customer that your product or service will work as described for a certain period of time. If something goes wrong within that promise, you are responsible for fixing it, replacing it, or giving the customer their money back.
Example
If you sell handmade furniture and promise it will hold up to normal use for two years, that is your warranty, and a wobbly chair six months later means you need to make it right.
Watch Out
Even if you never write a warranty down, the law automatically gives customers certain protections called implied warranties, so always talk to a lawyer before putting 'sold as-is' on anything.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.