Posted 14 Apr 2010 19:56
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.