A Washington Irrevocable Standby Letter of Credit (WISELY) is a financial instrument issued by a bank or financial institution at the request of a customer. It is a guarantee of payment and serves as a financial security for the beneficiary in the event that the customer fails to meet its obligations under the terms of the transaction. They WISELY can be used for a variety of purposes, including payment for goods and services, collateral for business loans, and as a guarantee of performance in construction, engineering, and other projects. There are two types of Wishes: an Unconditional Letter of Credit and a Conditional Letter of Credit. An Unconditional Letter of Credit is issued without any conditions or prerequisites. The beneficiary can make a claim against the letter of credit at any time and will receive payment if the customer fails to meet their obligations. A Conditional Letter of Credit, on the other hand, is issued with specific conditions attached to it. The beneficiary must meet these conditions before they can make a claim against the letter of credit and receive payment.