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Warranty

Published 16.11.11 at 14:01

Parties are likely to want extensive contractual protections in the form of warranties and indemnities. These can provide a means of redress if they subsequently find that they are not getting what they thought out of the agreement.

Warranties are statements of fact that a particular state of affairs exists at the time they are given.

For example, an artist may warrant that all the works he sells are original and are not subject to any intellectual property rights of any third party. If this turns out to be untrue then the buyer may be able to make a claim against the buyer if they have suffered any loss.

Photograph (some rights reserved) by designwallah

 

Please note that this article discusses the legal position in the UK at the time of publication. It provides general information only but is not to be regarded as legal advice. You must take advice from a specialist lawyer in relation to your specific circumstances. Further, you should seek additional legal advice when dealing with parties based in other parts of the world or works originating from other parts of the world as the legal position may vary.

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