The revocable
letter of credit may be amended or cancelled by
the issuing bank without prior notice to the
exporter, also known as the beneficiary. If,
however, the negotiation payment or
acceptance has taken place at a bank
designated in the letter of credit prior to the
receipt of a cancellation or amendment, the
issuing bank is bound to honor such payment ,
negotiation or acceptance as dictated by the
original terms of the letter of credit.
