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Trade: Standby Documentary Credit
A type of credit that guarantees payment of an obligation or performance of certain services. This becomes an obligation of the Bank in case the applicant fails to pay or comply with specified conditions of an underlying contract. There is no movement of goods involved under this credit.
 
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Governed by universally accepted set of rules known as International Standby Practices 1998 (ISP98) of the International Chamber of Commerce
Can also be used as bid security or performance bonds
Can be drawn only upon default of a financial obligation or performance of certain services
Bank assumes the creditworthiness of the buyer
Available for foreign and domestic transactions
Global presence through correspondent banks’ network
 


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