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Letters of credit has been widely used in various trade finances, especially in the cases where the buyer and the seller are not known to each other, are living in different countries or have different laws to trade. One such letter of credit is Standby credit.

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International trade comprise of factors like different laws, distance, various laws pertaining to the countries involved and the dearth of contact during the process of trade. Amidst all this, letters of credit are used as a dependable mechanism of payment

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