World Credit Organization [WCO] Responsibility and Recovery Statement Terms-World Credit Organization
10.14 World Credit Organization [WCO] Responsibility and Recovery Statement Clause
In most of the ICE8000 standards, there are the following clauses: "The World Credit Organization [WCO] shall be liable for economic compensation for its own faults, and the expenditure for economic compensation shall be included in the next year's financial plan of the World Credit Organization [WCO] , if the economic compensation is relatively large, the compensation will be paid annually.
After the World Credit Organization [WCO] undertakes economic compensation, it has the right to recover losses from untrustworthy units or individuals with gross negligence or subjective intent. "
This clause clearly states the liability of the World Credit Organization [WCO] and the right of the World Credit Organization [WCO] to recover the untrustworthy, which can be called the clause of the World Credit Organization [WCO] Responsibility and Recovery Statement.
What needs to be explained is:
1. The compensation of the World Credit Organization [WCO] is based on the principle of fault. When the World Credit Organization [WCO] is at fault, the World Credit Organization [WCO] shall bear the liability for compensation. If there is no fault, the World Credit Organization [WCO] shall not be liable for compensation .
2. The World Credit Organization [WCO] has a relatively large amount of compensation, and the compensation is made annually. This kind of agreement seems to reduce the liability of the World Credit Organization [WCO], but in fact it is not, because the World Credit Organization [WCO] is an NGO based on a democratic system rather than a property rights system , if the liability for compensation is too great, members of the World Credit Organization [WCO] may tend to avoid debts legally by using the democratic system of the World Credit Organization [WCO] and the bankruptcy legal system, so that more detrimental to the victim. Through this agreement, the World Credit Organization [WCO] cannot take the initiative to avoid debts through bankruptcy.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)