_, CASE STU an TUDES wt a nig At AS ~~ eS M ae «y eeidle ® page 1GASE STUDIEg Case Study No. 1 Revocable Letter of Credit under UCP 600 Article 2 defines that a credit is an irrevocable undertaking of the issuing bank. Question Can an issuing bank issue a revocable Letter of Credit under UCP 600 7 Answer Whilst UCP 600 does not cover the issuance of revocable Letters of Credit, there is no reason why one could not be issued subject to UCP 600. The issuing bank would need to insert, within the credit, all the terms and con- ditions of the revocability i.e. the wording that formed the basis of UCP 500 article 8. By stating in field 47A that the credit was revocable and establishing the basis under which it can be revoked, this would modify the rule regarding ‘A credit is irrevocable ....' in article 3 and would not require any specific exclusion of the definition of ‘Credit’ page 2