A bank guarantee in case of non-payment of commercial import or export transactions.
The Standby Letter of Credit (SBLC) is an irrevocable documentary commitment, separate from the sales contract, issued by the bank to a third-party beneficiary and promising to pay on behalf of the originator a specific sum of money against delivery of documents satisfying the terms and conditions of the SBLC.
It can be used for import and export transactions. It is particularly suitable for existing business relationships where the two parties have already built up trust.
This is a guarantee rather than a payment instrument. It protects against the risk of default.
A simple tool
- It is more flexible than documentary credit. It releases the partners from the need to exchange extensive documentation through their banks.
- The funds drawn against an SBLC require documents to be submitted that satisfy the terms and conditions of the SBLC (e.g. a payment demand, certificate of non-payment, copy of the sales invoice, copy of the transport document, etc.)
Yiu Fung Finance Company Ltd is a Licensed Money Lender that was incorporated in Hong Kong on March 28, 1980 under the Money Lenders Ordinance (Chapter 163 of the laws of Hong Kong), with Registration Number: 0080313.
Our principal service is the provision of Non Recourse Loans, Project Financing, Personal Loans, Business Loans, Bank Guarantees (BG), Standby Letters of Credit (SBLC), Differed Letters of Credit (DLC) and International Project Finance for companies, SME’s and private individuals.
BROKER INQUIRIES ARE WELCOMED AND APPRECIATED: Our brokers receive 2% commission for referral. Daisy Chains of Brokers, Scammers & Time Wasters Will Not Be Entertained. We assist Clients and brokers in their attempt to secure funding by working on their funding requests that may require innovative financing.
We would welcome the chance to earn your trust and deliver you the best financial service in the industry. For more information kindly contact us via the contact us page of this website.
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