Normally, L/Cs are required to be Irrevocable. That is, once it is opened in favor of seller, it CANNOT be revoked before its expiry. If the L/C which you received was a Revocable one, then the buyer CAN cancel or revoke it, anytime. This type of L/C is dangerous for the seller.



In your case you had produced the specific goods,as required by the buyer within the delivery period and if this Revocable L/C is revoked by the buyer, then you have no safety net. You lose !



It is ALWAYS advisable for the new exporter to sit down with his bankers and discuss the L/C THOROUGHLY with them, so that he understand it COMPLETELY. His Bank will guide him correctly, after all, they also have their money tied up with this transaction !



To get the bank's advise will help the exporter in two ways, at least. One, he knows exactly what needs to be done to complete that order. Second, the bank also monitors his business dealing and will be a better position to strengthen his financial growth and give him the maximum support to enhance his business ! They will guide him away from the pitfalls which may be present in many forms.