How to achieve express warranty agreement using Data Room services?

Each of us constantly consumes goods that are subject to warranty. In this article, we will consider the concept of the express warranty agreement, and how to achieve it via Data Room software.

What is the express warranty agreement?

The manufacturer (performer) ensures the proper operation (application, use) of products, including components, during the warranty period established by regulations, regulations, or the contract.

An express warranty is an obligation to pay a certain amount of money to your client if he fails to fulfill his obligations under the contract. The guarantee of fulfillment of contractual obligations – is provided in favor of the buyer and insures him against possible non-fulfillment of contractual obligations

Generally, during a contract, the statements made by the parties are treated as statements of fact, and as above stated unless there is an express statement, it is difficult to draw out any kind of opinion regarding the product whether to buy or not. 

For consumer transactions, the express guarantee declaration must meet the following points:

  • Note on warranty. The entrepreneur must expressly point out the seller’s statutory warranty obligation and make it clear that the statutory warranty is not restricted by the guarantee.
  • Commitments from advertising are binding. The entrepreneur is bound by the commitments in the guarantee declaration and by the content of the guarantee published in the advertising.
  • Minimum information and comprehensibility. The guarantee declaration must contain the name and address of the guarantor and, in an understandable way, the content of the guarantee (duration, spatial validity, procedure for claiming the guarantee). If the guaranteed properties are not evident, liability is assumed for the properties that are usually assumed.

Data Room service to achieve express warranty agreement

Data Room is a digital platform that serves as a secure workspace for data exchange and a collaborative tool for providing interaction between contractors. So, it is a well-organized document management system for business deals. It is more advanced software since it was created taking into account the principles of doing business and adaptive to the realities of modern legislation

Let’s consider the main advantages of using data room services for exchanging business documentation:

  • Reduced cost and return on investment: Software is provided as a service. In this case, there is no need to buy and install programs on your computer. All that is needed is a standard workplace and fast Internet access, i.e. savings on hardware and software infrastructure costs, are achieved and at the same time, the issue of using unlicensed software disappears.
  • Scaling and flexibility. The essence of this advantage is that you can easily increase and decrease the number of users, add new services, connect and disconnect services with minimal time and financial costs. It also provides quick and easy connection of external users (partners, clients), since software installation is not required, and access is possible from anywhere and from any software platform.
  • Security. When connecting over the Internet, the secure protocol https is used to encrypt the communication channel. Data stored on servers is encrypted with cryptographically strong algorithms. To control all operations, a log of user actions is provided, which can be viewed in real-time. It is impossible to delete records from it, and if necessary, you can establish who performed certain operations with an accuracy of a second.
  • Mobility: Employees can move within the organization and between offices. The ability to work remains on business trips and holidays, and you can also take overtime work.