Logourl black

Standby Letter of Credit


A guarantee issued by a bank on a client’s behalf, often secured by collateral, to be paid to a third party in the event of the client’s failure to perform contractual obligations.

Related Rules [?]

The related rules section is for members only and includes a compilation of all the rules of law in Quimbee's database relating to this key term.

To access the related rules, please start your free trial or log in.