Standby Letter of Credit
Standby Letter of Credit (SBLC)
A standby letter of credit is also known as SBLC and a must if you deal in imports and exports. In the case of the standby letter of credit, the financial institution makes an undertaking to a beneficiary, e.g. a supplier, an exporter or trader, to perform a payment for the client, if the client is not able to fulfil their contractual obligations and if the beneficiary submits a written demand for payment.
There are certain obligations and conditions that must be met. To ensure that, a reputed financial institution provides a standby letter of credit. With years of experience in undertaking the wishes of both parties in a business deal, we know exactly what to do. We perform basic, formal underwriting duties which ensure that the party seeking a letter of credit, or LOC has the financial credibility that is desired.
The financial institution guarantees, through the SBLC, that even if the company ceases operations, becomes insolvent or cannot pay for any reason whatsoever, then the business obligations and conditions of the deal will still be fulfilled.
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