a standby letter of credit is a secondary payment method in which the bank pays the beneficiary only when the holder cannot.
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Letter Of Credit Definition | Investopediaaluable when a client is located in a potentially unstable economic environment. Types of Letters of Credit A commercial letter of credit is a direct payment method in which the issuing bank makes the payments to the beneficiary. In contrast, <span>a standby letter of credit is a secondary payment method in which the bank pays the beneficiary only when the holder cannot. A revolving letter of credit lets the customer make any number of draws within a certain limit during a specific time period. A traveler’s letter of credit guarantees the issuing banks Summary
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