When you buy a product it usually comes with some type of warranty, a contract that explains your rights and tells you how to get help if the product fails.

But suppose the product you’re thinking of buying doesn’t include a warranty. What’s going on? Well, it could be a gray market product – that is, an item that is imported without the authorization of the trademark or copyright owner. They are also known as parallel imports.

You will find that gray market products, which include everything from cameras to watches, are noticeably less expensive.

Should you purchase a gray market item? Keep in mind that the producers of the real thing are losing money every time a copy or knock-off of their product is bought. In addition, if you don’t have a warranty and the product fails, you will be out the full purchase price.

In addition, many gray market products are sold over the Internet and may be of substandard quality. Authorized dealers of the product will not repair gray market items.