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difference between standby letter of credit and bank guarantee
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The bank's Guarantee :
Is an irrevocable undertaking, issued by a bank,for specific amount and validity, by order of one of his clients (the account party), in favour of a third party (the beneficiary), per which the issuing bank ( the guarantor) obliged to pay the beneficiary the full amount or part thereof, upon first beneficiary's demand, in case the account party fail to fullfield his stipulated obligations, within the bank's guarantee validity, taking into consideration that the bank's guarantee is usually governed by local laws or by applicable Uniform Rules For Demand Guarantees "URDG" issued by the International Chamber of Commerce (ICC), or by any laws provided stipulating same clearly in its text.
The standby Letter of credit:
A guarantee of payment issued by a bank on behalf of his client that is used as "payment of last resort", should the client fail to fulfill a contractual commitment with a third party ( the beneficiary).
The Standby letter of credit is created as a sign of good faith in business transactions, and are proof of the applicant’s credit quality and repayment abilities. The bank issuing the SBLC will perform brief underwriting duties to ensure the credit quality of the party seeking the letter of credit, then send notification to the bank of the party requesting the letter of credit (typically a seller or creditor).Also it is known as a "non-performing letter of credit".
The Standby letter of credit is usually issued in accordance with The Applicable Uniform Rules of letters of credit or in accordance with International Standby Practices (ISP), both issued by the International Chamber of Commerce (ICC), and has to stipulating that clearly in its text.
http://finance.zacks.com/standby-letter-credit-vs-bank-guarantee-5601.html
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