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What is a standby letter of credit 2024?
Questioner:Charlotte Gonzales 2023-05-07 09:37:14
The most authoritative answer in 2024
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Zoe Martin——Studied at the University of Amsterdam, Lives in Amsterdam, Netherlands.
A
standby letter of credit (SLOC) is a guarantee of payment issued by a bank on behalf of a client that is used as "payment of last resort" should the client fail to fulfill a contractual commitment with a third party.
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