An irrevocable letter of credit cannot be canceled by the issuing bank unless the applicant agrees to it.
Correct Answer:
Verified
Q9: United States law prohibits bank guarantees.
Q10: A payment guarantee is the most commonly
Q11: A letter of credit is more secure
Q12: Usually a bank guarantee is offered by
Q13: Documentary collections are more cumbersome and expensive
Q15: A date draft goes into effect at
Q16: In a letter of credit,the creditworthiness of
Q17: A date draft transaction solves one of
Q18: Since a draft (or a bill of
Q19: The responsibilities of the presenting bank in
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