What does "Manufacturer Parts Warranty" and "Manufacturer Labor Warranty" ?

Question

what exactly do they mean?

Answer 1

Parts warranty: If a part fails, they will provide it for free, but labor to replace it may or may not be free.

Labor warranty: Guarantee to cover labor as well.

Example: You buy a faucet. If it fails they can send you a new part, but they will not pay for the plumber to replace it

Example 2: You buy a TV. For one year, they will fix it or replace it for free, including all labor.

Answer 2

The other answer is correct.  I'll only add that some warranties list both the parts and the labor sections.  Example:  One year parts warranty, 90 day labor warranty.  

This means that parts and labor are covered for 90 days but that parts only are covered for 1 year.  

Many times this will be advertised as a 1 year warranty, which is only partially true.  Parts are usually only a very small part of a repair.  A bad part might only cost $15.00 but the labor to replace could easily be $65.00.  A parts warranty isn't worth a lot.