Common use of Replacement Plan Clause in Contracts

Replacement Plan. If You purchased a Replacement Plan and have a structural failure, mechanical or electrical breakdown, We will replace Your Product(s) with a new, rebuilt, or refurbished product(s) of equal or similar features and functionality but not necessarily the same brand, or if a similar product(s) is not available, We will reimburse You via a gift card or cash settlement, up to the original purchase Price of Your Product(s), excluding sales tax, not to exceed the Limit of Liability shown below; and if We do so, all obligations will be satisfied. No further claims will be paid under this Service Plan for the replaced item. Coverage begins on date of purchase listed on Your sales receipt or ordering document. Only qualifying items with a manufacturer suggested retail price under three hundred dollars ($300) are eligible for coverage under the Replacement Plan, and must be identified as a Replacement Plan on your receipt and/or declaration page.