Warranty Clauses
About this form
The Warranty Clauses form serves to outline the conditions under which assets are transferred without any guarantees or warranties. This form differs from similar agreements by explicitly stating the lack of warranties related to the title or condition of the assets. The user can choose between various clauses reflecting different warranty levels, providing flexibility in how assets are conveyed, especially in real estate and equipment transactions.
Main sections of this form
- Clause defining the transfer of assets with no warranties.
- Disclaimers of implied warranties, including those related to merchantability or fitness for a particular purpose.
- Provisions for limited warranty situations involving oil and gas leases.
- Seller's responsibilities regarding title defects and liens.
- Conditions for the AS IS transfer of equipment and personal property.
Common use cases
This form is useful in scenarios where assets are being sold or assigned without warranties regarding their condition or title. It is commonly used in real estate transactions, sales of equipment, or transfers of interests in oil and gas leases, allowing sellers to clarify the limitations of their liability regarding the assets being transferred.
Who can use this document
- Property owners looking to transfer assets without taking on warranty obligations.
- Business owners selling equipment and wanting to limit liability.
- Individuals or entities dealing in oil and gas leases.
- Anyone entering into an assignment agreement where warranties regarding condition are not desired.
How to prepare this document
- Identify the parties involved in the assignment (Assignor and Assignee).
- Specify the assets being transferred, along with relevant descriptions.
- Choose the appropriate warranty clause to include based on the intended level of assurance.
- Include the date and location of the assignment.
- Obtain signatures from all parties to formalize the agreement.
Notarization guidance
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to clearly identify the assets being assigned.
- Neglecting to select the correct warranty clause for the transaction.
- Not providing adequate descriptions of the parties involved.
- Forgetting to sign the document, which can lead to invalidation.
Why complete this form online
- Convenient access to downloadable templates drafted by licensed attorneys.
- Editability allows for customization specific to individual scenarios.
- Reliability, with forms designed to comply with legal standards.
Main things to remember
- The Warranty Clauses form is essential for transferring assets without warranties.
- Understanding the different warranty clauses helps protect your interests in transactions.
- Ensure all parties fully understand their obligations and liabilities before signing.
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FAQ
A warranty is a type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It also refers to the terms and situations in which repairs or exchanges will be made in the event that the product does not function as originally described or intended.
A representation is basically an assertion of a past or existing fact, true on the date that it is made. It is generally given to induce another party to enter into a contract. A warranty on the other hand, is similar to a representation but it refers to the present or future i.e. a present or future promise of a fact.
For example, when you buy a new car from a car dealer, the warranty states that the car works. If the car doesn't work, the warranty gives the owner the right to have the dealer fix the car under certain conditions (length of time, cause of damage, etc.). These conditions are typically spelled out in the warranty.
Types of Warranty. 1) Implied Warranty. a) Warranty of Merchantability. b) Warranty of Fitness For A Particular Purpose. c) Warranty of Title. 2) Extended Warranty. Guaranteed Ability To Repair. More Comprehensive Coverage. Peace of Mind. Savings. Increased Resale Value.
A warranty clause is a provision in a contract that generally provides a promise specifying that something is true or will happen.
A promise that certain facts are truly as they are represented to be and that they will remain so, subject to any specified limitations. One court has defined a warranty as a statement or representation made . . . contemporaneously with and as a part of, the contract of sale . . .
Under the Uniform Commercial Code, a warranty disclaimer is a statement by which a seller seeks to limit certain types of warranties (e.g., express warranties, implied warranty of merchantability or implied warranty of fitness for a particular purpose), or even disclaim all warranties in the case of goods sold "as is."
For example, when you buy a new car from a car dealer, the warranty states that the car works. If the car doesn't work, the warranty gives the owner the right to have the dealer fix the car under certain conditions (length of time, cause of damage, etc.). These conditions are typically spelled out in the warranty.
