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What is a standby letter of credit?
A standby letter of credit is an irrevocable undertaking by the issuer to pay the beneficiary a sum of money up to the maximum amount of the standby letter of credit, upon presentation by the beneficiary of a demand in documentary form that complies with the terms of the standby.
重点：
- 备用信用证的形式： a standby letter of credit must be in writing, either in signed paper form or electronic form, such as an authenticated SWIFT message. A facsimile or pdf copy of a standby letter of credit may not be sufficient without a signed original document
- 备用信用证的指示：The issuer will issue the standby letter of credit only on the instructions of the applicant
- 见索即付保函的独立性：A principal feature of a standby letter of credit is that it is independent of the underlying relationship between the applicant and the beneficiary.
- 见索即付保函的付款责任：The obligation of the issuer to pay the beneficiary does not arise on the occurrence of an external event, such as a breach of the underlying relationship. The issuer must pay if the beneficiary makes a demand which complies with the terms of the standby letter of credit.