What is a Standby Letter of Credit? (SBLC/SLOC)
A Standby Letter of Credit is basically a document that is issued by the bank that guarantees payment between two parties if one of them defaults on payment in a transaction. It is mainly used in international trade and agreements where two parties of a transaction don’t know each other well, and is there to facilitate trust between them. #standbyletterofcredit #sblc #sloc #letterofcredit
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