What is bank guarantee (BG) and standby letter of credit (SBLC)?

Bank Guarantees and standby letter of credits are used in international projects very commonly. A standby letter of credit, though has 'letter of credit' in its name, acts like a bank guarantee in practical use.
In this video we discuss-
1.What is a bank guarantee and a standby letter of credit?
2.Who are the parties in a bank guarantee?

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0:00 When is a bank guarantee/ SBLC used?
1:08 Who are the parties in a bank guarantee
1:34 Bank Guarantee working process

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