Русско-англо-русский юридический словарь

DEFINITION of 'Standby Letter of Credit - SLOC'. A guarantee of payment issued by a bank on behalf of a client that is used as "payment of last resort" should the client fail to fulfill a contractual commitment with a third party. Standby letters of credit are created as a sign of good faith in business transactions, and are proof of a buyer's credit quality and repayment abilities. (Investopedia)