If We Excluded Subarticle 7(C) From Letter Of Credit ,Is The Letter Of Credit Become Revocable Or Irrecoverable?

Albert · Post by **Albert** » Fri Jan 27, 2017 10:01 pm

Dear All,

If we excluded subarticle 7(c) from Letter of credit ,is the letter of credit become revocable or irrecoverable ?

Navi · Post by **Navi** » Mon Jan 30, 2017 2:45 pm

Hi,

LC is an undertaking of the issuing bank. Article 7 defines these undertakings and 7b states that they are irrevocable. Exclusion of only subarticle 7c will not make an LC revocable and for me only create confusion. The article 7 must be fully excluded to make the LC revocable and relieve IB.

Regards

picant · Post by **picant** » Tue Jan 31, 2017 1:33 am

Hi Pals,

the argument has been already treated referring to a Newsletter of Commerzbank
Top@doc n. 1 2008, with comments by Navi too.
Ciao

khaledosama · Post by **khaledosama** » Tue Feb 14, 2017 3:48 pm

hi

article 7c of ucp 600 is not related to L/C being revocable or irrevocable
ucp states that any L/C is IRREVOCABLE unless it states otherwise

shafi865 · Post by **shafi865** » Fri Feb 24, 2017 11:59 pm

Hi,
UCP 600 sub-article 7(c) states about the issuing bank's undertaking to reimburse the nominated bank. Thus if a a credit excludes sub-article 7(c), then the nominated bank falls in a risky position. There is no relation of revocable or irrevocable of the LC with this exclusion.
Regards,
Shafique

If We Excluded Subarticle 7(C) From Letter Of Credit ,Is The Letter Of Credit Become Revocable Or Irrecoverable?

If We Excluded Subarticle 7(C) From Letter Of Credit ,Is The Letter Of Credit Become Revocable Or Irrecoverable?

exclusion of 7c

Check in this Forum

UCP 600 sub-article 7(c)