Article 869. Irrevocable letter of credit.
1. A letter of credit is recognized to be irrevocable, which cannot be canceled without the consent of the recipient of funds. 2. At the request of the issuing bank, the executing bank participating in the conduct of a letter of credit operation can confirm an irrevocable letter of credit (confirmed letter of credit). Such confirmation means that the performing bank accepts an obligation to make payment in addition to the obligation of the issuing bank in accordance with the conditions of the letter of credit. An irrevocable letter of credit, confirmed by the performing bank, cannot be changed or canceled without the consent of the performing bank.
Links to other articles of chapter 46. Calculations: