Representations and Warranties
Statements of fact made by each party at the time of contracting (representations) and promises that those facts are and will remain true (warranties), with breach giving rise to remedies.
What it means
Representations are statements about present or past facts; warranties are promises about the truth of those facts that survive signing. A breach of warranty triggers indemnification and damages; a misrepresentation can also give rise to fraud or rescission claims. M&A and high-value commercial contracts contain extensive reps-and-warranties schedules, with survival periods, materiality qualifiers, and knowledge qualifiers tightly negotiated.