Document background
The Lc Revocable document is utilized in international trade transactions where parties seek a more flexible payment guarantee arrangement. While less common than irrevocable letters of credit due to the higher risk for beneficiaries, revocable LCs can be appropriate in certain scenarios, particularly where there is high trust between parties or where flexibility is prioritized over payment security. This document, governed by Irish law, outlines the issuing bank's commitment to pay the beneficiary subject to document compliance, while maintaining the bank's right to modify or cancel the credit at any time. The document incorporates requirements from Irish banking regulations, EU financial services laws, and international banking practices, providing a structured framework for the transaction while maintaining revocability as a key feature.
