Business, Legal & Accounting Glossary
A legal relationship in corporate law that exists between companies in the chain of distribution of a product. This relationship creates responsibilities between the companies involved, including being liable for defects in the product. For example, vertical privity exists between the manufacturer of a car and the dealership that sells it. Therefore, both the dealer and the manufacturer are liable for defects in cars sold by the dealership.
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This glossary post was last updated: 23rd April, 2020 | 0 Views.