what are the benefits of using an irrevocable letter of credit for sellers 
sellers benefit from the payment guarantee provided by the issuing bank the iloc assures them that upon fulfilling the specified requirements they will receive payment from the bank mitigating the risk of non payment or delayed payment can an irrevocable letter of credit be amended yes an iloc can be amended if both the buyer and the beneficiary agree to the changes amendments can modify the iloc s terms extend the expiry date or adjust other conditions all parties involved including the issuing bank need to agree and endorse the amendment the bottom linean irrevocable letter of credit is a financial instrument used in international trade to ensure payment security for sellers and provide assurance to buyers it is issued by a bank on behalf of the buyer guaranteeing that the seller will receive payment upon complying with the specified terms and conditions the iloc cannot be canceled or modified without the consent of all parties involved reducing the risk of non payment or non performance 