Introduction to Credit Guarantee
Credit guarantee means that the guarantor provides guarantee for the guaranteed party to sign a contract or/and the performance of some or all terms of the contract. If the guaranteed party fails to perform the contract, the guarantor shall bear the corresponding legal responsibility according to the guarantee contract .
Credit guarantee is a traditional credit service. In March 2008, in order to standardize the credit guarantee business, promote social integrity, reduce transaction costs, and improve human well-being, according to internationally accepted legal principles and international practices, the World Credit Organization [WCO] The "ICE8000 International Credit Standard System Credit Guarantee Standard" was formulated. Credit guarantee institutions and other credit guarantors and guaranteed parties can follow or refer to this standard to prevent dishonesty risks and reduce subjective disputes while improving work efficiency.
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