A SLOC is most often sought by a business to help it obtain a contract. The contract is a "standby" agreement because the bank will have to pay only in a worst-case scenario. Although an SBLC guarantees payment to a seller, the agreement must be followed exactly. For example, a delay ...
In this article, we will explore what a standby letter of credit is, its purpose, how it works, its types, advantages and disadvantages, and its importance in international trade. A standby letter of credit, often referred to as SBLC, is a financial guarantee issued by a bank or financial...
If the status is “Test”, it means the defect is fixed and ready to do test whether it is fixed or not. #6. Verified The tester re-tests the bug after it got fixed by the developer. If there is no bug detected in the software, then the bug is fixed and the status assigned is...