Definition of mechanical: Camera-ready, final layout of all elements of a work to be reproduced through a commercial printing process. It is a pasteup of the typeset text and images on a sheet of paperboard, usually with a ...
Standby Letter of Credit. A statement issued by a bank to the buyer of a good stating that the seller will receive payment on time and in the correct amount. If the buyer fails to make payment, the bank will do so on his/her behalf.
The following are some instances where Standby Letters of Credit are used: 1  To enable the buyer to purchase goods without having to make a cash deposit. 2  To support performance promises being made during the tender process of a contract. 3  To support contractual obligations. 4  To support payment obligation.