Letters of credit may be either revocable or irrevocable.

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Letters of credit may be either revocable or irrevocable. Revocable letters of credit can be cancelled or modified by the issuing bank at any time without prior notice to the beneficiary. However, irrevocable letters of credit cannot be amended or cancelled without the agreement of all parties involved, including the beneficiary, the issuing bank, and the confirming bank (if there is one).

Letters of Credit May Be Either Revocable or Irrevocable