A bill to regulate interstate commerce by providing for a uniform product liability law, and for other purposes.

Establishes expedited product liability settlement procedures.

Establishes procedures by which any party may serve upon any other party offers to settle claims. Precludes a claimant or defendant from bringing or maintaining a civil action once an offer of settlement has been accepted.

Holds a defendant who rejects a settlement offer and fails to substantially prevail in the action liable for the claimant's attorney's fees and costs.

Limits the recovery of a claimant who has rejected a defendant's settlement offer: (1) for economic loss, to the claimant's net economic loss; and (2) for noneconomic loss, other than punitive damages, to $250,000 (if the court finds that recovery for dignitary loss is appropriate; otherwise two times the economic loss or $50,000, whichever is less).

Allows payment for economic loss to be made by periodic payment or according to a settlement agreement. Requires the court to approve a settlement agreement if the value of the economic loss is $10,000 or more.

Permits any defendant who has entered into a settlement agreement to seek reimbursement, contribution, or subrogation on the basis of comparative responsibility.