25/01/2022 Financial & Legal Services
A letter of credit is a transactional deal, under which the terms can be modified/changed at the party’s assent. In order to be negotiable, a letter of credit should include an unconditional promise of payment upon demand or at a particular point in time.
A letter of credit can be revocable or irrevocable. Since a revocable letter of credit cannot be confirmed, the duty to pay can be revoked at any point of time. In an irrevocable letter of credit, all the parties hold power, it cannot be changed/modified without the agreed consent of all the people.
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