System and method for providing warranties in electronic commerce

US7200573B2 · kind B2 · utility

Assignee

• Identrust, Inc. · US

Inventors

• Lawrence R. Miller · New York, US
• Khaja E. Ahmed · Bellevue, US
• Navin Vasanthakumar · Berkeley Heights, US
• Mark A. Robinson · Davis Junction, US
• Jeffrey Boyd · New York, US
• Deborah Goldstein · Brooklyn, US
• Peter Cerra · Hillsborough Township, US

Key dates

• Filing date: Oct 23, 2003
• Grant date: Apr 3, 2007
• Expiry date: Oct 23, 2023

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2463/102
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method for providing warranties that financially guarantee one or more facts associated with an electronic transaction. In a preferred embodiment, warranties issued to the present system comprise a contract between a first party and a second party in which the first party: (1) warrants one or more warranted facts (2) for damages up to a warranted amount (3) if claimed by a relying customer within a claim period. The warranty is preferably issued by a participant in response to a request received from a customer that specifies a desired warranted amount and claim period. The participant and root entity evaluate the request in light of a plurality of factors and determine whether or not the warranty should be issued. In a preferred embodiment, the warranty comprises a contract between the buyer and its issuing participant. The seller is preferably a third-party beneficiary of this contract.