Contracts: --When you sign a new contract you get a discount off retail price of the phone and agree to stay with the company because they pretty much help you buy the phone. If you buy the phone for retail price (about $300-500) you dont sign a new contract because the company didn't invest money in you so you have nothing to pay them back. If you are on your contract and decide to get a new phone for retail price your contract does not end, and it will not be extended. If your contract ends and you decide to buy retail you dont sign a new one. Exchanges: --Within 14 Days: You can exchange a phone within 14 days to any phone but you have to pay $35 dollar restocking fee and return your old one, then you can buy a new one, whatever you paid for your old one goes towards the amount of the new phone. If you get a phone and pay for it, and within 14 days price on it goes down you can call and get your refund. --Bad phone: If you get a phone and its faulty you can get a certified like-new one free within 1 year from manufacturer warranty, you may also chose to buy a warranty from Verizon that will be available as long as you pay it. If you go through 3 phones within a 30/45 day period (I'm not sure which one exactly because it seems like different retail stores have their own policy on this) then Verizon might to give you a comparable model, this is really based on the issue, and if its the same issue over and over on the phone model that you owe they might give you another model instantly if there were too many complaints. Reference: http://www.verizonwireless.com/b2c/globalText?textName=RETURN_POLICY&jspName=footer/returnPolicy.jsp Data Plans for Existing customers in pre-Share Everything Plans: --With every smart phone you HAVE TO maintain a data plan that comes with simple email features. The default one still offered is a 2GB plan for $30, and the prices go up from there. Some users may be grandfathered in to other plans, like the unlimited plan, or another tiered plan, with as little as 150MB. Texting Plans --Verizon does not offer true unlimited text plans. The cheapest for single line is $5 and the most expensive is $20. (Unless you sign up for the "Talk&Text plan) You can chose to block texting, but you have to call them, you can block it online but I have never been able to find a way to do it. Share Everything Plans --Verizon is implementing a new plan structure, called the Share Everything Plan. It includes unlimited voice and text for smartphone users, and a seperate fee for a data package, which is shared among all lines on a plan. The plan starts at $90 for one smartphone, and 1GB of data. An additional 1GB of data costs $10, and then each additional $10 buys 2GB after that. Each additional smartphone adds $40 to the plan, and each dumbphone adds $30.