STANDBY LETTER OF CREDIT Definition

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STANDBY LETTER OF CREDIT is a guarantee of payment. If the beneficiary does not get paid from its customer it can then demand payment from the customers Bank by forwarding the copy of the invoice that was not paid along with predetermined supporting documentation.

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C&I (COST & INSURANCE), in a price that is quoted 'C&I', means that the cost of the product and insurance are included in the quoted price. In this case, the cost of shipping would be borne by the buyer.

PURCHASE AND INSTALLMENT SALEBACK, in real estate, is a contract purchase of real property upon the completion of construction. The subject property is then immediately sold back on a long-term installment contract.

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