service contract

Definition

A contract offered by a retailer for maintaining and repairing a product beyond its manufacturer's warranty coverage.

Use service contract in a sentence

If you are going to be doing business with a company you should look over the service contract before you sign it.

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Based on the terms of the service contract, he was obligated to fix the truck, even though the original warranty had expired years ago.

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The service contract was an especially critical decision as the product required tremendous service after the original warranty had expired.

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service gross capitalized cost