What is difference between revocable letter of credit & irrevocable letter of credit?

Veta Slicker: RevocabilityLetters of credit may be either revocable or irrevocable. A revocable letter of credit may be revoked or modified for any reason, at any time by the issuing bank without notification. A revocable letter of credit cannot be confirmed. If a correspondent bank is engaged in a transaction that involves a revocable letter of credit, it serves as the advising bank.Once the documents have been presented and meet the terms and conditions in the letter of credit, and the draft is honored, the letter of credit cannot be revoked. The revocable letter of credit is not a commonly used instrument. It is generally used to provide guidelines for shipment. If a letter of credit is revocable it would be referenced on its face.The irrevocable letter of credit may not be revoked or amended without the agreement of the issuing bank, the confirming bank, and the beneficiary. An irrevocable letter of credit from the issuing bank insures the beneficiary that if the requ! ired documents are presented and the terms and conditions are complied with, payment will be made. If a letter of credit is irrevocable it is referenced on its face....Show more

Luke Creitz: revocable: capable of being revoked irrevocable: not possible to revoke revoke: to annul by recalling or taking back

Madlyn Fallis: Difference Between Revocable And Irrevocable

Thomas Riner: Confirmed letter of credit is generally for a specific period of time and is confirmation that a letter of credit exists.. An irrevocable letter of credit states that the letter of credit can not be revoked before the transaction is completed.

Bethany Blocker: Revocable Letter Of Credit

Barrett Alosa: This Site Might Help You.RE:What is difference between revocable letter of credit & irrevocable letter of credit?can anyone guide me difference between revocable letter of credit & irrevocable letter of credit.......Show more