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What is the difference between a Letter of Credit and a bank guarantee?

Bank bank guarantees credit guarantee legal queries letter
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What is the difference between a Letter of Credit and a bank guarantee?

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An unconditional bank guarantee is the same as a confirmed letter of credit. The invocation of the letter of credit must be in strict compliance with the description given therein. However, in the case of a bank guarantee, it has to be in substantial compliance with the terms of the contract.

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