What does limited Lifetime tool warranty mean?

The Product categories designated as limited Lifetime tool warranty are warranted to the original purchaser to be free from defect in materials and workmanship at the time of manufacture from the original purchase date in non- industrial use; wear and tear is not covered. Lifetime is defined as the serviceable life of the Product. “Serviceable life of the Product” is defined as the period during which the supply of all components, including parts, are available.”