An irrevocable letter of credit can be cancelled or amended if the beneficiary consents to it.

Question

Quizplus · Accepted Answer

An irrevocable letter of credit can only be cancelled or amended with the consent of all parties involved - the issuing bank, the beneficiary and the applicant. If the beneficiary consents to the cancellation or amendment, then it can be done. However, if the beneficiary does not consent, then the letter of credit remains in effect until the expiration date.

An Irrevocable Letter of Credit Can Be Cancelled or Amended