'LC Amendment' signifies any change made to the terms and conditions of an LC after it has been issued. An amendment can be made at anytime after an LC has been issued and before its expiry date.
These changes may include amount or validity changes, or changes to other terms and conditions of the LC.
The Corporate will create the Amendment request on the Issued Import Letter of credit to its bank and the bank will amend the LC on behalf of him and it will be sent to the Beneficiary directly if domiciled in the same country or through another bank(Advising Bank) if domiciled in different country.
In RIVO, the Corporate (Applicant) will be allowed to amend the details(for instance changing the Expiry Date Increase/Decrease, Amount Increase/Decrease, and other related amendments) of the Issued LC and this request will be sent to the Bank for the Amendment to be Issued.
To Amend an Issued Import LC, locate it on the landing page (Import LC with status: Issued) and click the Amend action from the actions drop-down.