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If you will read everything from the box to the website, it does not say lifetime warranty.
It is a 3year warranty. A lifetime service agreement. This agreement covers parts that are meant to wear out.(o-rings, brushes, and yes batteries) It only covers defects for the first three years( but it will cover the cost of repairs).
Here it is in black and white. http://www.ridgid.com/Manuals/RidgidLSA.pdf