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the classification of Letter of Credit (L/C) 0 replies,1602 views

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Irrevocable - A letter of credit that cannot be amended or canceled without prior mutual consent of all parties to the credit.

Revocable - A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank.

Transferable - A letter of credit that can be redirected at the sellers request.

Sight - A letter of credit that requires payment to be made upon presentation of documents.

Time Draft - A letter of credit that states payment is due within a certain time (usually 30, 60, 90, or 180 days), in other terms allows credit to the buyer.
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