letter of credit

Dear Jayakrishna,

Evry Letter of Credit (LC) has stipulated time limite within which the transaction mentioned in the LC should take place if the stipulated time limited is over the LC is said to be Expired and nothing can be done in the expired LC.If supply has been madewhen the LC was alive and LC expired paymnet under LC will be in the wind unless the LC Expiry is extended.

On the other hand devolving of LC means LC is alive throught the transaction till the date of payment  but,  the Buyer ie the Applicant of the LC who is responsible to pay to the LC opening bank the amount of LC (value of purchased under the LC) fails to pay the money to the LC opening bank on due date, the LC openimg bank is in obligation to pay LC money to the bank of the Seller ie  Beneficiary in suvh case the LC is said to be devolved.