amendment

(law/general) An addition, deletion, or change in a legal document.
(banking/letters of credit) A change in the terms and conditions of a letter of credit (e.g., extension of the letter of credit’s validity period, shipping deadline, etc.), usually to meet the needs of the seller. The seller requests an amendment of the buyer who, if he agrees, instructs his bank (the issuing bank) to issue the amendment. The issuing bank informs the seller’s bank (the advising bank) who then notifies the seller of the amendment. In the case of irrevocable letters of credit, amendments may only be made with the agreement of all parties to the transaction. See letter of credit.

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