Business Terms and Jargon Explained
What is Warranty liability
When warranties are issued with products there is an expectation that some of these warranties will materialise. As a percentage of the warranties issued will require repairs or replacements, a fund will have to be set aside to cater for this expense. It is considered to be a contingent liability that is both probable and an estimated can be calculated.
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Term created / updated 2009-03-19 11:53:36
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