Irrevocable Letter of Credit: All You Need to Know
This letter provides security to the seller that he/she will be paid without another default. If the buyer does not meet the payment terms mentioned in the primary document, the seller can show this letter to the buyer’s bank for payment. You should not try to craft a letter or adapt somebody else’s letter of credit. Doing so can put you at risk of an expensive legal battle, potentially overseas. One of the key differences between clean Irrevocable LCs and [...]