Business, Legal & Accounting Glossary
A type of statement that is presented to a seller saying that if the buyer of an item fails to pay, that buyer’s bank will make the payment on the buyer’s behalf. These letters tend to help eliminate risk to the seller in that they will be paid for their item in one manner or another, either from the buyer or from the bank that has issued the letter of credit.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Standby Letter Of Credit are sourced/syndicated and enhanced from:
This glossary post was last updated: 16th November, 2021 | 0 Views.