World Credit Organization (WCO) Responsibility and Recovery Statement Terms-World Credit Organization

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    • 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.

    NGO, the abbreviation of the word "non-government organization" in English, refers to the Associations, societies, foundations, charitable trusts, non-profit companies or other legal persons, non-profit non-governmental organizations that are government departments.

    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)