SYSTEM AND METHOD FOR PROVIDING WARRANTIES IN ELECTRONIC COMMERCE

摘要

A system and method are disclosed for providing warranties that financially guarantee one or more facts associated with an electronic transaction. In a preferred embodiment, warranties issued in 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 (108) within a claim period. The warrantly is preferably issued by a participant (102) in response to a request received from a customer that specifies a desired warranted amount and claim period. The participant (104) and root entity (110) evaluate the request in light of a plurality of factors and determine whether or not the warranty comprises a contract between the buyer andits issuing participant (102). The seller (108) is preferably a third-party beneficiary of this contract.