4. Revocable Letter of Credit
- Revocable means capable of being revoked; able to be cancelled according to Kernerman Webster’s College Dictionary.
- Irrevocable Letter of Credit is a type of letter of credit which can be cancelled at any time without prior notification to the beneficiary.
- Revocable credits can not be confirmed. So all revocable credits are
need to be unconfirmed. - Revocable credits can not be confirmed. So all revocable credits are
need to be unconfirmed. - Unconfirmed credits can be amended or cancelled by the issuing bank at any time without prior agreement of the beneficiary.
- All credits issued subject to UCP 600 are irrevocable unless otherwise specified.
- Revocable credits can still be issued subject to UCP 500.
