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Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
A theory sustains that is feasible to typify letter of credit as a collateral contract for a third-party beneficiary because letters of credit are prompted by the buyer’s necessity and in application of the theory of Jean Domat the cause of a letter of credit is that a bank issue a credit in favor of a seller to release the buyer of his ...
Circular letter of credit; Closed-end credit; Collateral (finance) Collateral management; Commercial credit reporting; Commercial hard money; Comparison of free credit monitoring services; Composition with creditors; Conforming loan; Contractum trinius; Creative financing; Credit broker; Credit circle; Credit control; Credit crunch; Credit ...
A letter of credit is a written document from a bank guaranteeing the seller of a product or service will be paid as long as the goods or services are provided, as specified. Letters of credit are ...
The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
Containing statistics, news items, and expert opinions regarding specific operational and legal issues concerning banking, international trade, and finance, Documentary Credit World is a monthly publication that reports on the development of Letter of Credit Law and Practice and related issues. [11]