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Standing Letter of Credit is an obligation of the opening bank to pay the amount of the letter of credit at the first request of the beneficiary if the payer of the letter of credit does not pay its obligations, ie it will not pay the delivered goods or service within the agreed deadline. Letter of credit also referred to as collateral, is a letter of bank guarantee. It is mainly used by US and Japanese banks where bank guarantee forms are not available in other countries. Standby credits can be opened based on UCP 600 or ISP98 (International Standby Practices).

Main benefits for the beneficiary:

wiki

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