On selecting ‘Contract reversal’, system will reverse the LC contract. A Reversed LC will not be available for any further operations.

‘REVR’ event will be triggered which updates the contract status as ‘Reversed’. This will reverse the liability entries passed for the LC to ensure that the credit limit that was taken by the LC is released and is available for future utilization. In addition to this, Charges, Commission, Limits Utilization and Accounting entries will also be reversed on contract reversal.