Business, Legal & Accounting Glossary
Warranty coverage on an item that kicks in after the warranty coverage provided by the manufacturer or seller expires. Many consumers are encouraged to buy extended warranties (also called service contracts) when they buy cars or appliances. In the case of appliances and electronic equipment, extended warranties are all profit for the seller and not much benefit to the buyer because only about 3% of goods ever break down during an extended warranty period. An extended warranty may make sense, however, if you are buying a brand new model in the first few months after it has been manufactured.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Extended Warranty Contracts are sourced/syndicated and enhanced from:
This glossary post was last updated: 22nd April, 2020 | 1 Views.