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What are the differences btw Irrevocable and Revocable Letters of Credit?

April 26, 2017BTW Business credit differences Finance irrevocable letters Revocable

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What are the differences btw Irrevocable and Revocable Letters of Credit?

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Irrevocable Letter of Credit – A letter of credit that can’t be canceled. This guarantees that a buyer’s payment to a seller will be received on time and for the correct amount. Revocable Letter of Credit – Assurance of funds issued by a bank that can be canceled at any time without prior notification to the beneficiary.