A Study on the Cancellation and Amendment of Letter of Credit

신용장의 취소 및 조건변경에 관한 연구

This work intends to study some issues in relation to the cancellation and amendment of letter of credit. Those issues in relation to the cancellation are the significance and formation time of cancellation of letter of credit and some points for practical attention of UCP 600 in the case of cancellation of letter of credit. Those issues in relation to the amendment are the significance and formation requirements of amendment of letter of credit and some points for practical attention of UCP 600 in the case of amendment of letter of credit. If exporters receive letters of credit from foreign countries, they must confirm the indication of irrevocable letter of credit. When they find revocable letters of credit, they should amend the credits to be irrevocable credits. If issuing banks amend letters of credit against beneficiaries, the banks should receive the beneficiaries' consent. If amendments devalue applicants' expectations in the underlying transaction, the applicants for whom the credit issues are not liable to reimburse. Beneficiaries and issuing banks may amend a credit, but the issuing bank acts at its own peril if it does not obtain the applicant's consent.