Contribute to Trade Wiki
Standby Credit [Last Updated by: admin on 2012-01-01]
Besttradesolution welcomes users contribution to Trade Wiki. If you have more detail on the subject and confident to explain the subject matter better, please feel free to update the information.It may take some time to appear your update on the site while we process any submission.Please do not copy information directly from other sites. Thank you for your contribution.
Standby Credits are Documentary Credits as defined by UCP500. Standby Credits allow buyer and seller deal on open account. The Standby Credit is only drawn under when the buyer defaults on payment obligations. Standby Credit are often used to satisfy the same functions as Bid Bonds, Performance Bonds etc.
Please Login to Update This Term