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(Read LETTER OF
CREDIT, then come back here.)
A letter of credit, valid for a stated period of time,
that may be cancelled or amended only by agreement of all parties to the credit.
The issuing bank waives its right to revoke a letter of credit prior to the
expiration date, unless the consent of the beneficiary is obtained. Fitch, Thomas P.,
Barron's Business Guides
Dictionary of Banking Terms, 3rd Edition, ©1997,
page 250. As with any letter of credit, the wording of this letter is
dictated by the ICC rules for Uniform Customs and
Practice for Documentary Credits (1993 revised).
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