Terms of Fair Binding Statement-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"

    • 10.3 Fair binding statement clause

    In most of the ICE8000 standards, there are the following clauses: "Parties applying this standard are deemed to have fully understood and promised to abide by all the terms of this standard. However, any party applying this standard, if found If any clause of this standard is unfair, it has the right to publicly state that it is not bound by the clause on the premise of publicly explaining the relevant situation and reasons and notifying the World Credit Organization [WCO] in writing.”

    This clause clearly declares that the party applying the ICE8000 standard is bound by the fairness clause of the standard, which can be called the fairness binding declaration clause.

    The main functions of this clause are:

    1. It is clear that the applicable party of the standard should abide by and only abide by the fair terms of this standard. For the unfair terms in the standard, it can publicly declare that it is not bound by it.

    Second, to ensure the fairness of the ICE8000 standard. If the parties have unfair terms, they have the right to declare publicly that they do not comply, so as to reduce the violation of the legitimate rights and interests of the parties concerned.

    3. Reduce people's concerns about the application of the ICE8000 standard. Objectively, some people have concerns about the fairness of the ICE8000 standard, and they worry that the unfair terms of the standard will infringe on their legitimate rights and interests. With this clause, its corresponding concerns can be dispelled, and it can also dispel people with dishonesty motives who refuse to agree to the CS clause on the ground of their concerns.

    The above content is excerpted from "Building an Integrity Unit - ICE8000 Integrity Management" (written by Fang Bangjian, free to use, but please indicate the source)