Returns Policy
Return policies are the rules retail merchants establish to manage the process by which customers return or exchange unwanted or defective merchandise that they have purchased previously. Return policies are an extension of the customer service retailers provide; they tend to be fairly liberal as a consequence.
Exchange Policy
 An exchange policy is a document that outlines the rules for making exchanges for purchased goods or services. An exchange policy explains which items can be exchanged and the details of the exchange process.

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