 |
Global Treasury Management
Is This Not You? See Also
|
|
A standby letter of credit provides a conditional guarantee, typically used in lieu of a cash security deposit on a lease or as an alternative to a performance bond that the beneficiary can turn to the issuing bank for payment. They are often used to support payment and performance instruments such as bid bonds, performance bonds, lease obligations, repayment of loans and past-due notices.
We work quickly and diligently with all parties involved — the applicant, the beneficiary and the bank — to ensure everyone is satisfied with the terms. We expedite negotiations and documentation by creating a standby letter of credit within days, not weeks. Plus, our standby letters of credit fees are competitively priced and more cost-effective than borrowing money.
|
|
Standby Letters of Credit