It also ensures that amendments and relevant correspondence are promptly advised to the beneficiary; moreover, it efficiently scrutinizes and negotiates export documents.

A confirmation of an irrevocable letter of credit upon the authorization or request of the Issuing Bank constitutes a definite undertaking by LCB (the confirming bank), provided that the stipulated documents are presented and that the terms and conditions of the letter of credit are complied with.

Such confirmation services are provided after the required assistance to its customers in order to manage their commercial and transfer risks.

Standby
A standby is a distinguished letter of credit which is irrevocable. It is an independent documentary and binding undertaking that may support payment upon a default in performance, money borrowed or advanced, or upon the occurrence or non-occurrence of another contingency.

It could also be used in place of letters of guarantee that are payable on demand.