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[Music] hey everyone kieran king here today we are talking about something called a standby letter of credit or an sblc or also an sloc for short now this is basically a document that is issued by a bank that guarantees payment between two parties if one of them defaults on the payment it is mainly used in international trade and agreements where two parties of the transaction dont know each other well and there is a need to facilitate trust between them so lets look at an example on one side of the transaction we have a buyer and lets say they want to buy a container of apples every month from a seller over here so we have a buyer and a seller the right the arrangement is that the seller will send over a container of apples each month with each payment due within 30 days of the buyer receiving them and they write up contract for this now these two parties dont know each other and this is a new transaction for them and in order to safeguard itself the seller may ask the buyer for a