Standby Letters of Credit

United Community Bank issues Standby Letters of Credit on your behalf to assure another party that you will perform under the terms of a contract. This secondary payment mechanism is offered as a gesture of good faith and the expectation is that the letter of credit never will be drawn upon¹.

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  • Assures the beneficiary that you will uphold the terms of a contract
  • Use it to strengthen your credit worthiness
  • Choose it as a lower cost option than a bid or performance bond
  • If necessary, beneficiaries draw on the credit by presenting a draft, copies of invoices and evidence that the contract's obligations haven't been met

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¹ Upon credit approval.