Presentation – Types of Letters of Credit

Understanding the types of letters of credit, their usage purposes and main distinctions.

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2. Standby Letters of Credit

  • Standby credits are used mainly in contraction projects as well as export and import transactions of tangible goods.
  • Majority of standby letters of credit are issued subject to the latest version of ISP (International Standby Practices).
  • ISP (International Standby Practices) are the set of rules that governs the Standby letters of credit procedures.