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Noting that the current cost of confirmation of letters of credit was high, both sides agreed on the need to work out back-to-back credit lines between banks for an efficient trade finance arrangement between them.
There are inherent risks associated with every back-to-back credit arrangement since performance under the original L/C is contingent upon timely and perfect execution of the second L/C.
It can control sophisticated instruments like standby letters of credit, transferred credits, back-to-back credits, red clause credits, offshore credits, partial shipments/drawings and preadvices.