A change in Consumer Protection Act, 2019 has enhanced the parameters of product liability on part of companies. Now, the manufacturers or sellers are liable for any harm arising from a defect or deficiency in a product or service and the consumers would now be able to claim compensation against such liability.
Prior to 2019, the product liability framework was covered by many legislations resulting in lower compensation amount for consumers. However, that has been changed and now the companies will have to gear up for mitigation of possible product liability risk that may arise in the future.
According to experts, possible risk mitigation strategies should include the following while drafting a business contract:
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