Definitions for Product recall
This page provides all possible meanings and translations of the word Product recall
A product recall is a request to return to the maker a batch or an entire production run of a product, usually due to the discovery of safety issues or a product defect. The recall is an effort to limit liability for corporate negligence and to improve or avoid damage to publicity. Recalls are costly to a company because they often entail replacing the recalled product or paying for damage caused by use, although possibly less costly than consequential costs caused by damage to brand name and reduced trust in the manufacturer. A country's consumer protection laws will have specific requirements in regard to product recalls. Such regulations may include how much of the cost the maker will have to bear, situations in which a recall is compulsory, or penalties for failure to recall. The firm may also initiate a recall voluntarily, perhaps subject to the same regulations as if the recall were compulsory.
Sample Sentences & Example Usage
Given their apparent internal knowledge, it seems unlikely that VW will be able to claim any insurance for product recall or for product liability cover, so they won't be able to pass on their losses, iNVESTOR'S NIGHTMARE.
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"Product recall." Definitions.net. STANDS4 LLC, 2016. Web. 7 Feb. 2016. <http://www.definitions.net/definition/Product recall>.