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Get your CDTFA-487-DCB, Irrevocable Letter of Credit in 3 easy steps
01 Fill and edit template
02 Sign it online
03 Export or print immediately
What is Irrevocable Letter of Credit?
The irrevocable letter of credit is also known as CDTFA-487-DCB. This is the official letter you receive from the bank that assures payment for the services and goods that are purchased were made. The letter can be sent to the individual or to the company. The bank has to send the letter whenever the applicant asks for it.
Some banks generate the letter automatically and can send it to you whenever you pay for anything. You will see the template appeared in your box that you’ve mentioned to the bank. The letter must be referred to the taxpayer as the applicant.Not many taxpayers that order their goods online even think about what is an irrevocable letter of credit, since they receive it each time the order is made.
However, this document is official and can protect the customer as well as the seller from misunderstanding and fraud. It can’t be changed once it is sent or modified. Yet, if the agreement between parties involved in the buying-selling procedure is reached, and the bank is ready to make an exception, they can change the terms after the document is issued.
What I need the Irrevocable Letter of Credit for?
- The irrevocable standby letter of credit is required by the client of the bank that paid for services or goods via this bank and wants to receive the guarantee that the procedure went well. This document can’t be canceled;
- This document is widely used by payers who order products and services internationally. This blank can be sent to the other party to confirm that the payment was made;
- The template was created to provide extra protection from risks to the seller and to the buyer. The seller receives the guarantee of payment from the bank. The buyer receives the reassurance that the procedure was provided.
How to Fill Out Irrevocable Letter of Credit?
The irrevocable confirmed letter of credit can be used by any bank you have in your mind. You can ask for the letter from your own bank or demand it from the bank of the applicant based on your agreement. This template must not be filled either by the applicant or by any other company or individual except for the bank where the procedure was provided. This form can be received by a private person or company.
If you want to check it out, you can search for it on the Internet. PDFLiner offers the document as well. As the bank representative, you can download the template or fill it online using PDFLiner’s editing tools. It saves the time of you and your clients. Here is what must be included in the form:
- Include the information on the issuing bank, putting the name first, address, place of issue, and the representation of the documents. Provide the letter of credit’s number, expiry date, and the issue date;
- Share the information on the applicant, including the address, name of the bank, contact number, address, number of the account, phone number, and the amount of money;
- Describe the credit, including the bank it was provided, the payment that was made, and the deadline;
- Include the name of the taxpayer;
- Provide the signature of the authority and the number of pages that were signed.
Organizations that work with Irrevocable Letter of Credit
- California Department of Tax and Fee Administration.
CDTFA-487-DCB, Irrevocable Letter of Credit, Popular Questions
How to get an irrevocable letter of credit?You can contact the bank you’ve paid the procedure through and ask for the template to be sent to you. This option can be signed in the contract you made with the other party. In this case, you have to wait for the bank to receive the letter. The seller can contact the bank as well and ask for a copy to be sent to the other party when the procedure is over. You can call the support team of the bank whenever you need it. The goods that are shipped may also contain a copy of the document from the bank.
Can irrevocable letter of credit be canceled?No, this document can’t be canceled by anyone. It can’t also be modified unless both parties and the bank are ready to make an exception and you need to reach the agreement in advance. However, the template still can’t be canceled. The procedure is finished automatically and you can’t decline it. The bank can’t change anything to its own wish. If you want to make the change in the template and the other party agrees to this, you have to notify the bank by sending the official request to the authorities of the bank. After careful consideration, you can receive the answer in your email.
Fillable online CDTFA-487-DCB, Irrevocable Letter of Credit