3. Irrevocable Letter of Credit
- Irrevocable means not to be revoked or recalled; unalterable according to Kernerman Webster’s College Dictionary.
- Irrevocable Letter of Credit is a type of letter of credit which can not be cancelled or amended without the written agreement of the credit parties.
- If credit is unconfirmed unconfirmed than beneficiary beneficiary and issuing issuing bank must reach an agreement on the amendments.
- If credit is confirmed than beneficiary, issuing bank and confirming bank must reach an agreement on the amendments.
- All credits issued subject to UCP 600 are irrevocable unless otherwise specified.
