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What is an irrevocable letter of credit? If a credit is not specified as revocable or irrevocable,what type should it be regarded as?
What is an irrevocable letter of credit? If a credit is not specified as revocable or irrevocable,what type should it be regarded as?
Irrevocable letter of credit is the credit that cannot be amended or revoked without the consent of all the parties concerned. If a credit is not specified as revocable or irrevocable, it should be regarded as an irrevocable credit.
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