standby letter of credit

A letter of credit used to guarantee either a monetary or a nonmonetary obligation (such as the performance of construction work), whereby the issuing bank agrees to pay the beneficiary if the bank customer defaults on its obligation. — Abbr. SL/C.

— Also termed guaranty letter of credit. [Cases: Banks and Banking 191.10. C.J.S. Bills and Notes; Letters of Credit §§ 341–366, 368–370, 372–376.]

---

词条贡献者

法律翻译Akira，毕业于一所旨在培养高级翻译专业人才的翻译院校，专注翻译各类与能源行业争议有关的法律文件。