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For unrelated functional reasons, standbys are commonly classified by type depending on their function in the underlying transaction and other factors not necessarily related to the terms and conditions of the standby itself.
In the course of the discussions surrounding the formulation of the UN Convention on Independent Guarantees and Standby Letters of Credit, it became apparent that there was a serious lack of understanding of standby practices and of the potential uses of standbys in many parts of the world.