China Finance (Worldwide) Limited assures standby letter of credit to all its customers without facing any sort of difficulties. A standby letter of credit is a guarantee that a bank or a financial institution provides under which a beneficiary is paid on the behalf of a client when an applicant defaults. This financial instrument is among the most preferred and flexible tool for making the secure payments. A standby letter of credit came through as a legal limitation imposed by a US regulator on the authority of a bank for providing guarantees.
The standby letter of credit has gained a lot of popularity for the purposes of international trade. It provides an assurance or a guarantee that the party will get the payment no matter what the circumstances are. We at China Finance (Worldwide) Limited ensure that all our customers do not face any sort of difficulties or hassles. Our trade finance experts will provide you with the needed guidance.
The standby letter of credit is further divided into different types. These are as below:
- A performance standby
- A direct-pay standby
- An advance-payment standby
- A bid-bond or tender-bond standby
- A counter standby
- A financial standby
- An insurance standby
- A commercial standby