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Volume 16, Number 7 July/August 2012 I n This Issue... 14 FEATURE 3 UPDATES: Standard Chartered Issues First BPO; ING Bank to Pay US×619 Million for Alleged Violations; SWIFT Hosts Webinar on Messaging
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Model standby providing is a mechanism that allows a party to ensure that certain obligations will be fulfilled in the event of a default or non-performance by another party. It serves as a form of guarantee or insurance.
The requirement to file model standby providing depends on the specific context and jurisdiction. Generally, it is commonly used in commercial transactions involving parties where one party needs assurance that the other party will fulfill its obligations.
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The purpose of model standby providing is to provide security and assurance to parties involved in a transaction. It helps mitigate the risk of non-performance or default by requiring a party to fulfill their obligations or compensate for any losses.
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