What is Performance SBLC’s & Financial SBLC’s?- Kingrise Finance Limited

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Performance SBLC’s & Financial SBLC’s

Standby letters of credit come in two primary forms: the performance standby letter of credit and the financial standby letter of credit. The performance standby letter of credit works to ensure that work you have agreed to perform is performed in a timely and satisfactory manner.

For example, if you own an architectural firm and are contracted to build a museum, you may be asked to provide a performance SBLC that guarantees that you will finish the plans by the end of your contract term, and that the structure you design is sound and meets all requirements. If, for some reason, you are unable to finish, or your design is deemed unsafe or unbuildable, the SBLC will take effect and pay the museum a preset amount. 

What is Standby Letter of Credit: (SBLC)? 

A standby letter of credit (SLOC) is a guarantee of payment by a bank on behalf of their client. It is a loan of last resort in which the bank fulfills payment obligations by the end of the contract if their client cannot. https://kingrise.finance.blog/2020/03/31/what-is-standby-letter-of-credit-sblc/

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This is the difference between Bank Guarantee (BG) and Standby Letter of Credit (SBLC): http://kingrise.finance.blog/2020/04/28/bank-guarantee-vs-sblc-which-is-better/

BROKERS WANTED: We welcome brokers who are direct to the client. New brokers are welcomed and are rewarded with 2% commission on every deal they bring to us, but you must be direct to the client and not in broker chains. We do not get involved with daisy chain of brokers, neither do we tolerate scammers, jokers and time wasters. Kindly contact Us today for all your funding needs, including business loan, SME Loans, project financing, Lease BG, Lease SBLC, Bank Guarantee Provider

Blog: https://kingrise.finance.blog

Website: www.kingrisefinance.com
Email: info@kingrisefinance.com

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