The Painful Reality of Cancelling a Letter of Credit in International Trade: A Lesson for Every Exporter
In international trade, a Letter of Credit (LC) is one of the safest payment methods, providing security to both exporters and importers. However, once an LC is issued—especially an Irrevocable LC—there is extreme difficulties in cancelling a letter of credit and it is also a very delaying process. I had experienced this firsthand when an importer opened an Irrevocable […]