Irrevocable Letter of Credit - Oregon

Irrevocable Letter of Credit is a legal document that was released by the Oregon Department of Geology and Mineral Industries - a government authority operating within Oregon.

FAQ

Q: What is an irrevocable letter of credit?
A: An irrevocable letter of credit is a financial document issued by a bank that guarantees payment to a beneficiary upon presentation of specified documents.

Q: How does an irrevocable letter of credit work?
A: When an irrevocable letter of credit is issued, the bank is obligated to pay the beneficiary as long as the required documents are presented.

Q: What is the purpose of an irrevocable letter of credit?
A: The purpose of an irrevocable letter of credit is to provide assurance to the seller that they will receive payment for their goods or services, even if the buyer is unable or unwilling to pay.

Q: Can an irrevocable letter of credit be cancelled or modified?
A: No, an irrevocable letter of credit cannot be cancelled or modified without the consent of all parties involved, including the beneficiary.

Q: How long is an irrevocable letter of credit valid for?
A: The validity period of an irrevocable letter of credit is usually specified in the document and can vary depending on the agreement between the buyer and the seller.