Etude warrants your product against defects in materials and workmanship when purchased directly from Etude or a Etude authorized reseller. This warranty is extended only to the original end-use purchaser, or the person receiving the product as a gift and shall not be extended to any other person or transferee. The warranty is valid from the date of retail purchase for a period of 1 year and a period of 5 years for passive, non-powered loudspeakers. In the case of a covered warranty defect, Bose will at its option: (A) repair the product using new or refurbished parts; (B) replace the product with an equivalent new or refurbished product; or (C) provide a partial or full refund of the original purchase price to you in exchange for return of the product.