What should be noted when amending a letter of credit

The rules for amending a letter of credit are as follows:

1. Only the buyer (applicant) has the right to decide whether to accept the amendment to the letter of credit;

2. Only the seller (beneficiary) has the right to decide whether to accept the amendment to the letter of credit.

Points to note when amending a letter of credit:

I. All content requiring amendments should be proposed to the client at one time to avoid multiple amendments to the letter of credit.

II. Any amendment to any clause in an irrevocable letter of credit must obtain the consent of the parties involved before it can take effect.

There are two forms of acceptance or rejection of amendments to a letter of credit:

1. The beneficiary issues a notice accepting or rejecting the amendment to the letter of credit;

2. The beneficiary acts in accordance with the content of the letter of credit.

III. Upon receiving the amendment to the letter of credit, promptly check whether the amended content meets the requirements and indicate acceptance or request further amendments based on the situation.

IV. Either accept all amendments or reject all amendments. Partial acceptance of the amendment content is invalid.

V. Amendments to a letter of credit must be made through the original advising bank to be genuine and valid; amendments sent directly by the client via application form or copy of the amendment are not valid.

VI. Clearly specify who bears the amendment costs. Generally, the costs are determined based on responsibility.