What Are The Important Features Of Counter Standby?
Counter standby is a guarantee of payment supplied by the bank on behalf of the client. The payments are useful regarding the cases of default by the applicant. If you are new in businesses, you can take help from professional non-financial banks. They will guide you with the processes of counter standby. You can issue a Standby Letter of Credit for various purposes, including commercial and financial operations. The Standby Letter Of Credit is quite alike Documentary Letters Of Credit. The main difference is that in Documentary Letters Of Credit, you can operate it even with the applicant defaults. Then on behalf of the beneficiary, who has received the favor of issuing Standby Letters of Credit, can draw the payment on their demand. The Historical And Crucial Aspect Of Counter Standby The historical events undertake the practices of the bank and other regulating bodies limiting the authorities of the issuing bank. Therefore, it is the safest way to pursue all the legitimate transac