Revocable Letter of Credit

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Revocable letter of credit

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 the grantingbank or the letter holder (who is the buyer of some good) may cancel under some or any circumstances. This does not provide the seller with any extra assurance that he/she will be paid on time and in the correct amount. As a result they carry higher risk than irrevocable letters of credit.

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