Can be altered, amended, revoked, or terminated during the lifetime of the grantor
An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank Rarely used since there is no protection for the seller
A letter of credit that can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank Compare Irrevocable letter of credit
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 (Also see Chapter 13 )
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