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Standby Letter of Credit

Also found in: Acronyms

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A stipulation that states a letter of credit will be called back if the payer defaults.

Notes:

A letter of credit is typically used in international transactions.

Standby Letter of Credit

Documents evidencing failure of the bank's customer (the applicant) to pay an obligation when due.

Standby letter of credit

Agreement to guarantee invoice payments to a supplier; a standby LOC promises to pay the seller if the buyer fails to pay.

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