Service life refers to the duration during which something remains functional and usable, which may not necessarily align with its tax depreciation period.
The service life of an asset refers to the expected period of usefulness, which can differ depending on the asset type and usage. It is worth noting that the service life may not align with the depreciable life for income-tax purposes. For instance, a car may have a service life of 10 years, while a computer may only have a service life of 5 years due to potential obsolescence. On the other hand, a building may have a service life of 50 years before requiring significant renovations or demolition. These examples highlight the varying service lives of different assets. It is crucial for individuals and businesses to consider the service life of an asset when making purchasing decisions and planning for future expenses.
Service life refers to the expected duration of a product or equipment’s useful life before it needs to be replaced or repaired.
Service life is determined by various factors such as the quality of the product, frequency of use, maintenance, and environmental conditions.
Yes, service life can be extended through proper maintenance and repairs.
If a product fails before its expected service life, the manufacturer may be liable for a warranty claim or product liability lawsuit.
Service life can be used as a defence in a lawsuit if the product was used beyond its expected service life or if the user did not properly maintain the product.
No, service life and warranty period are not the same. Warranty period is the time frame in which the manufacturer guarantees the product will function properly, while service life is the expected duration of the product’s useful life.
Yes, service life can be used to determine depreciation for tax purposes.
Yes, service life can be used to determine the value of a used product, as it provides an estimate of how much useful life the product has left.
It depends on the modifications made. Some modifications may extend service life, while others may shorten it or void the manufacturer’s warranty.
Yes, service life can be used to determine the need for replacement or repair, as it provides an estimate of how much useful life the product has left.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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