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There are many different brands of router bits available on the market, from good quality brand name router bits, to much lower quality unknown names. The better quality brand name router bits almost always will come with some sort of a guarantee, the no-name brands may or may not come with some sort of a guarantee, you need to ask.
How much use a router bit gets is often one determining factor on whether or not to purchase a brand name bit or not. If a router bit is being used a lot, maybe even in a commercial setting, good quality bits are essential, not only because of their warranty and performance, but in some cases, also because of the longivity as a working tool bit.
There are also many small and hobby woodworkers who do not run production facilities and from time to time need to use a router and router bit. In some cases, they may only use a router bit once or twice in their lifetime, if it is some sort of specialty bit. Sometimes novice woodworkers simply are unable to afford the price of premium bits, and in these cases they look for alternative bits.
It's often hard to select a router bit with an unknown name, while you are standing in a store. Often you have to take the clerk's word on whether it is good or not, if they even know or have any experience with the bit, and often they have never used them first hand, only getting feedback from other who may have used them. So how do you find a decent quality bit when you are on more of a budget. The first thing to do is to look closely at the bits, do they look well made? does the coating on the bit (if there is one) appear to have been applied in professional manner (i.e. there are no drips or runs on the shaft of the bit), does the carbide appear to be well seated, and what kind of warranty does the bit come with. This alone will sometimes tell you the quality of the bit, if someone provides some sort of warranty on the bit, it means they will stand behind it.
The next issue is to see how well it performs, and the only way to do that is to take the bit and try it out in your shop. Single bits, i.e. those not it matched sets, are less likely to have problems, regardless of the manufacturer, but even single bits can have issues and that is why they need to be tried out.