For Warranty we have terms and definitions in 13 topics. The topics are Accounting, Canadian Law, Commercial Real Estate, Construction, Energy, Entertainment Law, Finance, Law, Legal, Ocean Marine, Real Estate, Real Estate Appraisal and Sanitation.

Warranty (Accounting)

is a guarantee given to a buyer from a seller that the goods or services purchased will perform as promisedor a refund will be givenrepair will be done at no chargeor an exchange made.

Warranty (Canadian Law)

A guarantee given on the performance of a product or the doing of a certain thing. For example, many consumer products come with warranties under which the manufacturer will repair or replace any product that fails during the warranty period; the commitment to repair or replace being the "warranty".

Warranty (Commercial Real Estate)

Certain assurances given from the seller to the buyer or building owner to the tenant.

Warranty (Construction)

In construction there are two general types of warranties. One is provided by the manufacturer of a product such as roofing material or an appliance. The second is a warranty for the labor. For example, a roofing contract may include a 20 year material warranty and a 5 year labor warranty. Many new homebuilders provide a one year warranty. Any major issue found during the first year should be communicated to the builder immediately. Small items can be saved up and presented to the builder for correction periodically through the first year after closing.

Warranty (Energy)

A seller's guarantee to purchaser that product is what it is represented to be and, if it is not, that it will be repaired or replaced. Within the context of vehicles, refers to an engine manufacturer's guarantee that the engine will meet "certified" engine standards at 50,000 miles or the engine will be replaced. Retrofits may generally void an engine warranty.

Warranty (Entertainment Law)

A promise. An assurance by one party as to the existence of a fact upon which the other party may rely.

Warranty (Finance)

A guarantee by a seller to a buyer that if a product requires repair or remedy of a problem within a certain period after its purchase, the seller will repair the problem at no cost to the buyer.

Warranty (Law)

A promise that a proposition of fact is true.

Warranty (Legal)

A promise that a proposition of fact is true.

Warranty (Ocean Marine)

A statement by the Assured, the truth of which determines the validity of the insurance contract. A warranty may relate to matters existing at or before the issuance of the policy (affirmative warranty). Or it may be an undertaking by the Assured that something be done or omitted after the policy takes effect and during its continuance (promissory warranty). Many states have restricted by statute the common law rule that "any breach of warranty voids an insurance policy." For example, under the New York law (15C) a breach of warranty to void the policy must have "materially increased the risk of loss, damage or injury within the coverage of the contract."

Warranty (Real Estate)

A promise that certain stated facts are true. A guaranty by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in that a representation is a statement made in the course of negotiations leading up to the sale, but not incorporated into the contract. A warranty, on the other hand, is a statement in the contract asserting the truth of certain things about the property.

Warranty (Real Estate Appraisal)

In a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See also Title Covenants)

Warranty (Sanitation)

Assurance by a party that he or she will assume stipulated responsibility for his or her own work.

Similar

Browse words that start with:

• Wa
• War
• Warr
• Warra
• Warranty

Browse All Terms by First Letter

Term Search