Which of the following is a correct statement about standby letter of credit? A standby letter of credit is the same as a normal letter of credit but it is used in a O situation where the bank agrees to release an agreed sum of money to one party if the other party who opened the standby L/C does not fulfill certain obligation. O b. A standby letter of credit is a type of instrument that will undertake payment once the seller performs in accordance with the terms of the commercial contract. c. A standby letter of credit is opened and issued in favor of a foreign government O agency when a company has fulfilled all of their obligations under a foreign government contract. d. A standby letter of credit is sometimes used as an unconditional instrument, meaning that the guarantor can delay payment to the beneficiary on simple demand