One of the key sections of any purchase agreement is the Reps and Warranties section. The term “Reps and Warranties” refers to all the assertions that the buyer and/or seller make in a purchase and sale agreement. Both sides take a leap of faith in the Reps and Warranties section, assuming that any claims or assertions made by the counterparty are accurate and true. Think of the Reps and Warranties section as a safety net for both sides. It ensures all that is being sold is being bought and all that is being bought is being sold.