Note citations are based on reference standards however formatting rules can vary widely between applications and fields of interest or study the specific requirements or preferences of your reviewing publisher classroom teacher institution or organization should be applied. Standby letters of credit standby letters of credit are often used to provide security for an obligation such as a lease or other long term contract landlords may require a deposit or a standby letter of credit that guarantees payment from the issuing bank if a tenant falls in arrears. The letter of credit and the standby letter of credit are two legal bank documents that are used by international traders both these letters are used to ensure the financial safety between the supplier and their buyers. The credit professional should be familiar with two types of letters of credit commercial and standby commercial letters of credit are used primarily to facilitate foreign trade the commercial letter of credit is the primary payment mechanism for a transaction the standby letter of credit serves a different function. With a standby letter of credit your only banking costs are the advising fee and in the unlikely event that you need to draw against the standby letter of credit an examination fee the buyer who is applying for the standby letter of credit will pay for only one standby credit which should be cheaper than the 10 trade letters of credit
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