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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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Under a standby letter of credit, the issuing bank (or the buyer’s bank) gives the assurance to make the payment even after the buyer has failed to do so.

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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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If you don’t know what a standby letter of credit is, it is an arrangement where the bank warrantees payment to its beneficiary in case the latter is not able to pay due to some unforeseen and unavoidable issue.

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Standby letters of credit, just as standard LCs are used especially for international trade and also for domestic transactions like building projects. Nevertheless, the key to such a letter of credit is that something drastic happens due to which the customer is unable to make payments.

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If you don’t know what a standby letter of credit is, it is an arrangement where the bank warranties payment to its beneficiary in case the latter is not able to pay due to some unforeseen and unavoidable issue.

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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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The letters of credit that are used during international transactions are supervised by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits.

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the LC is transferable, the beneficiary might appoint yet another person, third party or corporate parent as an entity that has the right to draw the amount.

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. Letters of credit usually accomplish their goal by playing the role of a substitute to the credit of the bank to that of the client mainly for facilitating trade. Such a letter is issued by a bank to guarantee full payment and timely payment to the seller.

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