Warranty

Warranty is a promise to fix or replace the good, at least for a certain period of time.

Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Warranty. A promise to fix or replace the good, at least for a certain period of time.

According to Marketing Management by Keller and Kotler (15th edition),

Warranty. Formal statement of expected product performance by the manufacturer.

According to the ITIL Foundation 4e by Axelos,

Warranty. Assurance that a product or service will meet agreed requirements. Warranty can be summarized as ‘how the service performs' and can be used to determine whether a service is ‘fit for use'. Warranty often relates to service levels aligned with the needs of service consumers. This may be based on a formal agreement, or it may be a marketing message or brand image. Warranty typically addresses such areas as the availability of the service, its capacity, levels of security, and continuity. A service may be said to provide acceptable assurance, or 'warranty', if all defined and agreed conditions are met.