A revocable Letter of Credit can be revoked without the consent of the Exporter, meaning that it may be canceled or changed up to the time the documents are presented.
Letter of credit that can be amended or canceled at any time without notice to or consent of the beneficiary. A letter of credit that is subject to the UCP500 or to US law is revocable only if it clearly specifies so.
Assurance of funds issued by a bank that can be canceled at any time without prior notification to the beneficiary.
A letter of credit that may be amended or canceled without giving prior notice to the beneficiary.
A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.
A revocable letter of credit can be amended or cancelled at any time by the importer (unless documents have already been taken up by the nominated bank), without requiring the exporter's consent. Because revocable letters of credit offer little protection to the exporter, they are not often used.
banking) A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Due to their low level of security, these are extremely rare.
A letter of credit that can be cancelled or amended without prior notice to the beneficiary.
A letter of credit that can be cancelled by the issuing bank.
See Letter of credit. Français: Lettre de crédit révocable Español: Carta de crédito revocable