What is an 'Express Warranty'
An express warranty is an agreement between the contract seller (dealer, manufacturer or independent company) and the buyer of a product to provide repair or replacement for covered components of the product for some specified time period. An express warranty is a seller's promise or guarantee that a buyer relies on when they purchase an item. Under the federal Magnuson-Moss Warranty Act, a company must provide a written express warranty if a product is sold for more than $15.
BREAKING DOWN 'Express Warranty'
This is a promise that the item will live up to the promise of the seller. For example, the warranty can say something like, "We guarantee all furniture against defects in construction for one year. When a structural defect is brought to our attention, we will repair or replace it." Most express warranties come from the manufacturer or are included in the sellers contract. It can also be created by a simple statement on an advertisement or a sign in the store.