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276 The Use of Standby Letters of Credit in Public and Affordable Housing Projects Casius Pealer Introduction The nature of construction projects is such that significant money must be spent and liabilities incurred prior to the completion and delivery of a final product. Because of the uncertainties involved in this process, prudent developers and their lenders require some measure of assurance from generra contractors that the subcontractors will be paid and the work will be performed according...

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