Pratik Chopara
A standby letter of credit may be a letter issued by a bank. The bank guarantees to pay a "beneficiary" if one thing fails to occur. Standby letters of credit are used for international trade furthermore as domestic transactions. A standby letter of credit can generally be operative for concerning one year, allowing enough time for payment to be created through regular written agreement pointers.
What is Standby Letter of Credit? A standby letter of credit may be a letter issued by a bank. The bank guarantees to pay a "beneficiary" if one thing fails to occur. Standby letters of credit are used for international trade furthermore as domestic transactions.
