We all participate in the marketplace. And warranty law impacts virtually every sale and purchase made, in-store or on-line. So whether you are a seller of goods and services or a consumer, there is value to be had in understanding warranty law concepts and the policies they serve.
This being the case, the DrivingValue team shall present a series of “Warranty 101” posts that explore, examine, and and explain warranty concepts we encounter in our day-to-day transactions and the terms used to express them. Our goal is to present the material in posts that while short and easy-to-read, still provide accurate and useful information.
We hope you enjoy and find value in our efforts and we invite you to let us know how we’re doing.
In a recent webinar my Segal McCambridge colleague, Dan Ahasay, and I covered three key litigation topics: telling your client’s story to the jury, understanding and applying the federal rule of evidence governing the use of expert witness testimony at trial, and defending against a trial tactic claimed to spur jurors to think with their “reptile” brain. While we couched our discussed in the context of products liability litigation, the thoughts and insights shared apply to just about any case. You can access the presentation materials here.
New Frontiers for Extended Warranties by Aleem Lakhani is a must read for warranty industry professionals. In the article, Aleem examines the impact disruptive technologies and changing consumer expectations are having on warranty, extended warranty and service contract operations. He analyzes the contours of the present day warranty marketplace, the digital transformation of how business is done in the space, and what this transformation means for key stakeholders. Aleem observes that “[t]he primary challenge [disruptive technologies present] relates to how to harness the data to make intelligent use of it in a timely manner for relevant partners in the warranty value chain ecosystem,” and predicts that “[t]hose that take bold steps today will benefit from first-mover advantage, increased market share, and will establish trust, loyalty and confidence about their commitment to innovation with partners, including the expectation of today’s and tomorrow’s customers.”
Aleem, the EVP at AmTrust North America, Specialty Risk Division, is a warranty industry veteran and thought leader. He also serves as on the Board of Directors for the Global Warranty and Service Contract Association. (Full disclosure: I am presently serving as GWSCA president.)
Courts across the country disagree about parties’ ability to contract around the UCC’s warranty remedy and damages provisions; the Seventh Circuit just ruled that Wisconsin’s limitations on UCC §2-719 remain in place, despite national trends in the opposite direction.
Service contracts can be powerful tools for increasing revenue and customer loyalty. If you sell a product, you have almost certainly considered what type of warranty to offer. But, have you also thought about whether to also give customers the option of purchasing an additional service contract? Here are five things to consider:
How should damages be measured in an action for breach of repair-and-replacement warranty? And what elements of damages should available? I recently ran across a piece I wrote addressing these questions in 2005. Remarkably – or, perhaps, not so remarkably given the pace at which the law evolves – it remains relevant; so I thought I’d put it out there for comment. Continue reading →
For centuries, warranty law has been a back and forth between policies benefiting sellers and those protecting buyers. Current warranty law is a reflection of this. To better navigate today’s policies, an understanding of how history has dealt with warranty regulation is crucial. Continue reading →