Types of Letters of Credit
Have you ever heard any of the following trade finance terms and wonder their meanings: red clause, confirmed, standby, irrevocable.
These are the terms that...
What is Irrevocable Letter of Credit? Definition and Application
Irrevocable letter of credit (ILOC) is a type of documentary credit which can not be cancelled or amended by the issuing bank without the...
Revocable and Irrevocable Letters of Credit
Revocable Letters of Credit: Revocable letter of credit can be modified or cancelled by the issuing bank after its issuance at any moment without...