How Standby Letter of Credit Is Useful for Financial Funding and What Is It?

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How Standby Letter of Credit Is Useful for Financial Funding and What Is It?

A standby letter of credit is a Promise of payment issued by a bank on behalf of a client will receive payment upon the presentation of described documents in the event the buyer fails to pay the beneficiary according to the terms of the contract. It mostly used in national construction projects and in international commerce. The buyer in this gives instructions for making the document.

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