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INTERNATIONAL BANKING - International Banking Services

Standby Letters of Credit

A Standby Letter of Credit has a variety of uses. It serves to assure the performance of a contractual obligation, and is useful for both parties in ensuring the solidity of a business transaction.

To start, the beneficiary uses this instrument to ensure the receipt of compensation by making a demand against the Standby Letter of Credit if the applicant fails to perform his contractual obligation. At the same time, the applicant enhances his position when using this instrument in lieu of performance or bid bonds, indemnity or cash deposits.

If you have any questions about Standby Letters of Credit, please email us at info@eastwestbank.com.

 

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