Common use of Warranty, Services, Spare Parts Clause in Contracts

Warranty, Services, Spare Parts. 7.1 SELLER assumes liability for defects of the COMPONENTS including the lack of assured characteristics as follows: SELLER shall at its sole discretion either repair or replace the faulty COMPONENTS. In case these corrective actions fail within a reasonable period of time, BUYER is entitled to request price reduction or to cancel the relevant purchase contract and request SELLER to take back the COMPONENTS delivered (under such purchase contract) and to reimburse the purchase price. Details will be described in the Quality Assurance Agreement as per Annex 4 to the SUPPLY AGREEMENT.