Lesson 4 of 5
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A warranty is a promise by the seller to replace or repair the product if it does not meet the specified performance. This is valid for only a specified period of time during which the seller/manufacturer is liable to repair or replace the product.

A warranty claim is a claim made by a customer for the repair or replacement of their product within the warranty period. Many sellers/manufacturers also offer extensions to their warranty periods that assure repair or replacement of the product during the extension time as well.

A customer and seller can enter into an annual maintenance contract (AMC) which will assure regular maintenance. For seamless processing of warranties and claims, the seller will need to maintain relevant data like date of purchase, warranty period, warranty expiry date and more.