Irrevocable letter of credit

Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval.

Irrevocable Letter of Credit

A letter of credit that neither the bank granting it nor the letter holder (who is the buyer of some good) may cancel under any circumstances. This provides the seller with extra assurance that he/she will be paid on time and in the correct amount. Irrevocable letters of credit are most common in international commerce.

单词	irrevocable letter of credit
释义	EncyclopediaSeeILOC Irrevocable letter of credit Irrevocable letter of credit Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval. Irrevocable Letter of Credit A letter of credit that neither the bank granting it nor the letter holder (who is the buyer of some good) may cancel under any circumstances. This provides the seller with extra assurance that he/she will be paid on time and in the correct amount. Irrevocable letters of credit are most common in international commerce. See ILOC See ILC
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