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Simple English definitions for legal terms
SL/C
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A quick definition of SL/C:
SL/C stands for standby letter of credit, which is a type of financial instrument issued by a bank to guarantee payment in case the customer defaults on their obligation. It is often used to secure non-monetary obligations, such as the completion of construction work. The bank agrees to pay the beneficiary if the customer fails to fulfill their obligation. Standby letters of credit are governed by Article 5 of the UCC and are often abbreviated as SL/C or guaranty letter of credit.A more thorough explanation:
SL/C stands for standby letter of credit, which is a type of letter of credit used to guarantee a monetary or non-monetary obligation. It is issued by a bank at the request of a customer, and it promises to pay a third party (the beneficiary) if the customer fails to fulfill their obligation.
For example, if a construction company is hired to build a new office building, the client may require them to provide a standby letter of credit to ensure that the work is completed on time and to the agreed-upon standards. If the construction company fails to meet these requirements, the bank will pay the client the amount specified in the SL/C.
Another example is when a supplier requires a buyer to provide an SL/C to ensure payment for goods or services. If the buyer fails to pay, the bank will pay the supplier the amount specified in the SL/C.
Overall, an SL/C is a useful tool for managing risk in business transactions, as it provides a guarantee of payment in case of default or non-performance.