Embarking upon new large-scale or international business relations? Build a foundation based on trust and respect with a bank-backed letter of credit that can also yield lower costs in regard to insurance bonds.
Provides guarantee on payments of large purchases to third parties
Can replace need for costly insurance company performance bond
Can also be used to guarantee a service
Typically issued for 1-year term or less
Terms easily renewed
Fee is based on face value amount
Interest accrues only if we must make payment to beneficiary on your behalf
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