Contract Drafting, Credit Evaluation and Supervision-World Credit Organization

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ICE8000 credit knowledge column
  • 1. "Introduction to ICE8000 Credit Knowledge"
  • 2. "Building an Integrity Unit——ICE8000 Integrity Management"
  • 3. "ICE8000 Credit Investigation, Analysis, Rating"

    • 4.5 Contract drafting, credit evaluation and supervision

    4.5.1 Introduction to Contract Drafting, Credit Evaluation and Supervision Services

    Contract drafting, credit evaluation and supervision services are innovative credit services of the World Credit Organization [WCO]. Previously, credit institutions generally did not involve in contract services, and contract services were generally the work of lawyers. The applicable standard for contract drafting, credit evaluation and supervision services is: "ICE8000 International Credit Standard System Contract Drafting, Credit Evaluation and Supervision Standards" (https://www.ice8000.or/gc/15.htm).

    1. Contract drafting, credit evaluation and supervision service content

    The following three service contents are relatively independent (relatively independent means that each service can be commissioned and implemented separately):

    1. Contract drafting service

    Credit professional institutions and credit practitioners draft a contract sample with complete form and no obvious defects according to the entrustment of the party and the actual situation of the party. This service is called contract drafting service. If necessary, the parties may also entrust professional credit institutions and credit practitioners to participate in contract negotiation and contract signing, so that the terms of the contract can be understood and accepted by the other party to the greatest extent.

    In actual commercial activities, the parties to the contract have no malicious intentions when signing the contract, but due to the incompleteness of the contract terms, during the execution of the contract, the relevant parties of the other party take advantage of the incompleteness of the contract terms to create troubles, seek benefits, and make Their own interests are damaged and it is difficult to defend their rights. Contract drafting services primarily address this issue.

    2. Contract credit evaluation service

    Credit professional institutions and credit practitioners evaluate the legality, validity, obvious flaws, and credibility of the contract subject and content according to the entrustment of the parties. No matter which party applies for contract credit evaluation, credit professional institutions and credit practitioners will conduct the evaluation in accordance with the principle of neutrality, so as to ensure that the contract that has passed the credit evaluation is legal, valid, complete in form, and easy to implement and supervise.

    3. Contract credit supervision service

    Credit professional institutions and credit practitioners shall faithfully record the credit performance of the parties to the contract according to the entrustment of the parties (credit rewards for the trustworthy and credit punishment for the dishonest).

    Second, contract risk is the main and controllable risk people face

    Based on whether a contract can be signed, the risks faced by an organization can be divided into two categories: contract risk and non-contract risk. Contract risk refers to the risk brought to the organization by affairs with contractual relationship, such as: selling a car or purchasing a service, etc.; non-contractual risk refers to the risk brought to the organization by affairs without contractual relationship, such as: the same Unfair competition by industry competitors, air pollution by nearby factories. Relatively speaking, contract risks are controllable by the organization; non-contract risks are not controllable by the organization. Organizations can control contract risks through the clarification of contract terms and contractual agreements.

    4.5.2 Specific content and procedures of contract drafting services

    1. Specific content of contract drafting services:

    (1) Based on the actual situation of the customer, draft a draft contract with complete form and no obvious defects.

    (2) If requested by the client, participate in or chair the draft contract review meeting attended by the client and related personnel to fully study the suitability of the draft contract.

    (3) If the customer requests, participate in contract negotiation and contract signing, so that the terms of the contract can be understood and accepted by the other party to the greatest extent.

    2. Service procedures for contract drafting:

    In the first step, the customer submits an application for drafting a contract, explains the relevant situation, and pays the service fee.

    In the second step, the ICE8000 credit agency drafts the "Contract Draft Suggestion Draft", and after filing with the World Credit Organization [WCO], submit it to the customer for review. If requested by the client, ICE8000 Credit Agency can participate in or preside over the review meeting of the contract draft attended by the client and relevant personnel.

    In the third step, if the two parties have different opinions, after communication and discussion, the ICE8000 credit agency will revise the draft contract according to the customer's final opinion, and file it with the World Credit Organization [WCO] as the "Contract Draft Customer Decision Draft".

    In the fourth step, the ICE8000 credit agency sends the draft contract together with the filing number and query password to the customer. ICE8000 Credit Agency can participate in contract negotiation and contract signing if the client requests.

    Third, unless the client expressly objects or is clearly out of fact, the draft contract should have the following clauses:

    (1) Goods or service quality standards;

    (2) The price of the goods or services;

    (3) delivery time or service period;

    (4) Delivery or service location;

    (5) Delivery and inspection method (signature of delivery certificate, inspection time);

    (6) Payment method (cash, transfer, money order);

    (7) Payment procedure (receipt, invoice issuance time, whether to issue an invoice before payment or after payment);

    (8) Dispute handling and credit supervision clauses (ie: CS clauses).

    IV If necessary and possible, the draft contract should include:

    (1) Clarify the terms of the court of jurisdiction and applicable law;

    (2) clearly indicate the clauses where the contract is signed;

    (3) Clearly indicate the terms of ownership retention;

    (4) Specify the terms of the security right.

    4.5.3 Specific content of contract evaluation service

    Contract credit evaluation includes the following four parts:

    (1) Whether the subject of the contract is authentic, legal and has good faith intentions, the main evaluation is:

    A. Whether the registration certificate of the party concerned is legal and authentic;

    B. Whether the identity of the legal representative, the identity of the signatory, and the identity of the person in charge are true;

    C. Whether the parties are qualified to sign the contract;

    D. Whether the signatory is the legal representative, if not, whether he has been authorized by the legal representative;

    E. Whether the party involved is obviously suspected of fraud.

    (2) Whether the content of the contract is legal and effective, the main evaluation:

    A. Whether the content of the contract violates the prohibitive provisions of the law;

    B. Whether the content of the contract violates the prohibitive provisions of regulatory documents such as administrative regulations (the document must not conflict with the law).

    (3) Whether the content of the contract has obvious flaws, the main evaluation:

    A. Whether there are obvious exaggerated and unrealizable contents in the contract, or whether some agreement in the contract obviously exceeds the ability of the parties to perform the contract;

    B. Whether there are obvious traps or risks in the contract.

    (4) Whether the contract is supervisable and credible and punitive, the main evaluation is:

    A. Whether the parties to the contract have agreed on the CS clause;

    B. Whether the agreed CS terms are valid.

    In item (1), if one party is qualified, the evaluation is deemed to be qualified.

    In item (2), if all the answers are not violated, the evaluation of this item is qualified.

    In item (3), if all the answers are no, the evaluation of this item is qualified.

    In item (4), if the answers are all affirmative, the evaluation of this item is qualified.

    If all the four items in the first paragraph are evaluated as qualified, the contract is deemed to have passed the evaluation.

    The above content is excerpted from "Introduction to ICE8000 Credit Knowledge" (written by Fang Bangjian, free to use, but please indicate the source)