Breach of Liability Statement Clause-World Credit Organization

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    • 10.11 Breach of Liability Statement

    In most of the ICE8000 standards, there are the following clauses: "Any party who violates the provisions of this standard shall bear the following liabilities for breach of contract:

    (1) Corresponding legal responsibilities, namely: legal penalties stipulated by relevant applicable laws.

    (2) Corresponding credit responsibilities, namely: bear credit penalties such as internal complaints, public complaints, credit warnings, internal exposures, public exposures, and joint exposures.

    (3) Corresponding industry self-discipline responsibilities, namely: self-discipline punishments such as business ban, public criticism, cancellation of credit card, failure of annual inspection, and fines stipulated in the relevant ICE8000 standards.

    (4) If the breach of contract causes losses (including material losses and moral losses) to others, it shall be liable for compensation. If the breach of contract constitutes a malicious act of dishonesty, punitive compensation should be paid to the victim in accordance with international practice and prevailing legal principles. "

    This clause clearly declares the liability of the parties to the ICE8000 standard for breach of the standard agreement, which can be called the clause of the statement of liability for breach of contract.

    The main function of this clause is to clarify the liability for breach of contract.

    What needs to be explained here is:

    1. The ICE8000 standard is essentially a contract. The parties applying the ICE8000 standard, whether passive application or active application, are tantamount to committing to abide by the contract. If they violate the contract, they should bear corresponding responsibilities.

    Second, in the liability for breach of contract, punitive damages are stipulated for malicious acts. This agreement has greatly increased the cost of malicious dishonesty for the parties.

    Third, the liability for compensation includes not only material losses, but also spiritual losses. Although there is no specific term for spiritual loss, the ICE8000 system is based on the common law system and principles, so the loss includes material loss and spiritual loss. Unless the parties have expressly stated reservations in advance.

    Fourth, the clause on liability for breach of contract is only a principle clause, which seems to be not specific, but it is in line with the characteristics of the Anglo-American legal system. The specific liability for breach of contract will be proposed by the parties. If necessary, the International Moral Court will make specific liability for breach of contract based on the complaints of the parties and the defense of the accused, in accordance with justice, conscience, and universal human values, such as: the specific amount of compensation.

    5. The ICE8000 standard has canceled specific provisions on liability for breach of contract. Because if the liability for breach of contract is specified in advance, the party concerned can calculate the cost of breach of trust. When the benefits of breach of trust are greater than the cost of breach of trust, he will still be breach of trust. This is also one of the shortcomings of the civil law system. If the responsibility for breach of contract is not specified in advance, but only the procedure for investigating the responsibility for breach of contract is stipulated, the cost of breach of trust will increase according to the development of society, making the cost of breach of trust greater than the benefit of breach of trust.

    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)