Business, Legal & Accounting Glossary
A standby letter of credit from a bank or a bond from a surety company, issued to a customer making an advance payment for a purchase or contract, which ensures a refund if the other party to the transaction is unable to fulfill the terms of the agreement. Advance payment bonds lessen the risk of a pre-payment arrangement.
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This glossary post was last updated: 20th November, 2021 | 0 Views.