Document background
A revocable letter of credit (LC Revocable) is a specialized banking instrument used in international trade transactions under Austrian jurisdiction. This document type is particularly relevant when parties seek flexibility in payment arrangements, as it allows the issuing bank to modify or cancel the credit at any time without prior notification to the beneficiary. While less common than irrevocable letters of credit due to the lower level of payment security, it may be suitable for transactions between parties with established relationships or where greater flexibility is required. The document must comply with Austrian banking regulations, EU financial laws, and international banking practices, particularly UCP 600. It contains detailed specifications regarding payment conditions, document requirements, and compliance standards, while operating within the framework of Austrian commercial and banking law.
