Traditional Culture Encyclopedia - Traditional festivals - What's the difference between a letter of guarantee and a standby letter of credit?
What's the difference between a letter of guarantee and a standby letter of credit?
The difference is:
The purpose of the letter of guarantee is to ensure that when the applicant fails to perform his responsibilities or obligations as agreed by both parties, the guarantor will perform certain payment responsibilities or economic compensation responsibilities on his behalf within a certain amount and time limit.
Standby letter of credit is a letter of credit opened for loan financing or debt repayment.
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