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Lifetime warranty definition

Question
What does it mean to provide a "lifetime warranty"? 
Answer
Absent any contrary words, a lifetime warranty typically runs for the life of the buyer.

However, lifetime warranties don't have to last that long; today they are often limited. They can run for a fixed period of time (e.g., five years from the date of sale).

Here are a couple of cautions:

- Check your state law. California, for example, sets a minimum three-year period for lifetime warranties.

- Make sure the warranty does not violate Federal Trade Commission (FTC) rules against deceptive advertising by not clearly defining the warranty period. 
Brain Trust contributor: Author of J.K. Lasser's Small Business Taxes 2007
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