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Can we stop/cancel payment on the letter of credit because we got the news that the carrier will delay (example: Evergreen in Suez Canal)? cite

Can we stop/cancel payment on the letter of credit because we got the news that the carrier will delay (example: Evergreen in Suez Canal)? cite your sources. Also if not can we sue the supplier for a refund if goods have been recieved late? Need answers in Business and Law terminologies

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