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Warranty agreements are an important tool for building trust and providing assurance to customers. Get started with this free warranty agreement template.
Click on the image above to find out how you can try the full warranty agreement template in Juro.
Our templates are for general information only. You should not rely on them, and Juro is not liable for any reliance on them. The templates might contain errors, including unlawful provisions and might create risks and liabilities if used. The templates are not legal advice, nor a substitute for it. By accessing any template, you accept these terms and agree that any use is at your own risk. Some of these templates were created using generative AI with human-assisted prompts.
Warranty agreements are provide assurance and build trust with your customers. However, creating and managing these agreements can be a complex and time-consuming process.
This guide aims to simplify that process. Read on for insights into the purpose of warranty agreements, what they should include and how automation can simplify this process.
Check out our free warranty agreement template to get you started.
What is a Warranty Agreement?
A warranty agreement is a legal contract between a manufacturer or seller and a consumer that promises to repair or replace defective goods during a specified period.
A warranty agreement proves to the customer that you really believe in your product. For the buyer, it provides a set standard and can encourage consumers to go through with a purchase.
What is the purpose of a Warranty Agreement?
The purpose of a warranty agreement is to provide assurance to the consumer about the quality and reliability of the product or service. It is a vote of confidence for both parties.
It can also serve as a form of protection for the consumer in case the product or service does not meet the promised standards. Making a large purchase is nerve-racking and a warranty agreement can help calm these nerves.
Who manages Warranty Agreements?
The management of warranty agreements often involves several key players within an organization, each playing a crucial role in ensuring the agreement is properly drafted, executed, and maintained. Here's a look at the typical roles involved:
Legal team: The legal team is usually responsible for drafting the warranty agreement to ensure it complies with all relevant laws and regulations. They also review the agreement to ensure it protects the company's interests.
Sales team: Sales can use the warranty agreement as a selling point when dealing with potential customers. That said, they need to understand the warranty agreement so they can accurately convey its benefits to customers.
Customer service team: The CS team is typically responsible for handling warranty claims. They need to understand the terms of the warranty agreement to accurately process claims and provide appropriate service.
Product team: The product team, including quality assurance and product management, often play a part in defining the terms of the warranty agreement. Understanding the capabilities and limitations of the product ensures that the warranty agreement itself is realistic and fair.
Finance team: The finance team is also likely to have a stake in the management of warranty agreements, as they need to account for potential warranty claims in the company's financial planning.
Procurement team: The procurement team will be involved in cases where the warranty agreement is with a vendor or supplier. They will negotiate the terms of the agreement and ensure it aligns with the company's procurement policies and objectives.
In many organizations, these roles will overlap, and the responsibility for managing warranty agreements may be shared among several departments.
The key is to ensure clear communication, collaboration and coordination between all parties involved.
What should a Warranty Agreement include?
Warranty agreements can vary in their nature and scope depending on the goods under warranty.
A typical warranty agreement should include:
Parties involved: It should clearly state the names and contact information of both the manufacturer or seller and the consumer.
Product or service description: This section needs to provide a detailed description of the product or service covered by the warranty.
Warranty coverage: This part outlines the specific aspects of the product or service that are covered by the warranty and the conditions under which the warranty is valid.
Warranty period: It needs to specify the duration of the warranty, starting from the date of purchase.
Repair or replacement terms: This part details how the manufacturer or seller will repair or replace the product if it's defective.
Limitations or exclusions: This section outlines any limitations or exclusions to the warranty, such as damages caused by misuse or alterations to the product.
Claim process: This part explains how the consumer can make a warranty claim, including any necessary documentation or steps they need to follow.
The traditional process for managing Warranty Agreements
Managing warranty agreements can be a complex and time-consuming process, especially when done manually.
The current process involves drafting the agreement, reviewing it internally, getting it approved, and then sending it to the customer for acceptance.
This is time inefficient and prone to errors, especially when dealing with a larger volume of agreements.
The Manual Process
The manual process for managing warranty agreements looks like this:
A member of the business team identifies the need for a warranty agreement and reaches out to the legal team.
The legal team drafts the warranty agreement, often using a previous agreement as a template.
Once the agreement is finalized, it is sent to the customer for acceptance.
The signed contract is returned and stored, often in a physical file or a shared drive.
This process can be slow and cumbersome, especially for businesses that deal with a large number of warranty agreements. It also requires a significant amount of coordination between different departments within the organization, such as sales, legal and customer service.
The pain points
Several pain points often arise in the manual process of managing warranty agreements:
Low-value work: Legal teams often spend a significant amount of time on routine tasks, such as drafting and reviewing warranty agreements. This leaves less time for high-value work, such as strategic planning and risk management.
Version control risks: With multiple versions of the agreement being passed back and forth, it can be difficult to ensure that everyone is working from the most up-to-date version.
Lack of standardization: Without a standardized warranty claim agreement template, warranty agreements can vary significantly in terms of content and format. This can lead to inconsistencies and contractual risks.
Lack of visibility: Without a centralized system for managing warranty agreements, it can be difficult to track the status of each agreement and to retrieve agreements when needed.
Can you automate Warranty Agreements?
With Juro, of course you can. You can avoid the friction we just described by automating your warranty agreements in Juro's contract management platform.
With a contract management tool like Juro, businesses can automate the creation, negotiation, signing, and storage of warranty agreements up to 10x faster with powerful AI.
Automated contract creation: Generate warranty agreements in seconds using pre-approved, automated templates. This not only saves time but also ensures consistency across all agreements.
Real-time collaboration: Collaborate on the same document in real-time, making the negotiation process streamlined and efficient.
Electronic signing: Add legally binding signatures to the warranty agreement from anywhere in seconds with Juro's mobile-responsive eSigning tool.
Secure contract storage: Store all your warranty agreements in a secure, searchable repository. This makes it easy to retrieve agreements and provides valuable insights into your contract data.
By automating the management of warranty agreements, businesses can save time, reduce errors, and improve customer satisfaction.
If you're looking for a scalable way to create, negotiate, sign, and store warranty agreements, Juro can help – click the button below to learn more.
Warranty agreements are an important tool for building trust and providing assurance to customers. Get started with this free warranty agreement template.
Modern businesses use Juro to automate contracts from drafting to signature and beyond, in one intuitive platform that every team can use. Want to see how?
Modern businesses use Juro to automate contracts from drafting to signature and beyond, in one intuitive platform that every team can use. Want to see how?
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