A warranty is a promise or guarantee by a manufacturer or contractor to repair or replace a defective product or to correct defective craftsmanship after it has been installed.
In construction, the standard warranty for materials and work completed is 1 year from date of substantial completion. Depending on the materials used, there are additional extended warranties available.
Time-limited warranties are often confused with performance warranties. A time-limited warranty states that the product will be delivered free of defects and the client has X number of days to claim otherwise while a performance warranty specifies that the product will perform for X days.