3 In cases where companies are purchasing oil in the market and the cargoes which are offered have already been bought and sold several times. Thus, the original bills of lading have been issued to a third party and require a number of endorsements before they can give title to the final buyer. A documentary credit is therefore of little use in this case and the standby credit enables the beneficiary to receive payment without having to present the relative bills of lading and possibly other important documents.