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Today's Terms
Dispute Resolution Programs
Definition:
During mediation, both sides involved in the dispute meet with a neutral third party and create their own agreement jointly. In contrast, in arbitration the third party decides how to settle the problem.
Express Warranties
Definition:
Promises stated outright by the manufacturer or seller. They are usually in advertisements or on a product’s packaging.
Service bulletin
Definition:
Allows dealers to repair the problem at no cost to the customer even if the warranty has expired. A service bulletin notifies the dealer of the problem and how to resolve it.
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