irrevocable letter of credit

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

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irrevocable letter of credit irrevocable letter of credit letter of credit

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irrevocable letter of credit UK US noun [C] (plural irrevocable letters of credit) COMMERCE, FINANCE
an agreement by a bank in a country importing goods to pay for them when the exporter asks to be paid, and that the bank cannot refuse to pay: »

Banks may advise that the best method of payment is a confirmed irrevocable letter of credit.


Financial and business terms. 2012.

Look at other dictionaries:

  • irrevocable letter of credit — see letter of credit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • irrevocable letter of credit — A confirmed irrevocable letter of credit, irrevocable letter, or a confirmed credit is a contract to pay on compliance with its terms, and needs no formal acknowledgment or acceptance other than is therein stated. See also letter of credit …   Black's law dictionary

  • irrevocable letter of credit — See: letter of credit …   Accounting dictionary

  • irrevocable letter of credit — See letter of credit …   Big dictionary of business and management

  • irrevocable letter of credit — /ɪˌrevəkəb(ə)l ˌletər əv kredɪt/ noun a letter of credit which cannot be cancelled or changed, except if agreed between the two parties involved …   Dictionary of banking and finance

  • irrevocable letter of credit — Fin see letter of credit …   The ultimate business dictionary

  • Irrevocable Letter Of Credit - ILOC — A letter of credit that can t be canceled. This guarantees that a buyer s payment to a seller will be received on time and for the correct amount. This is often used in international transactions …   Investment dictionary

  • confirmed irrevocable letter of credit — See: letter of credit …   Accounting dictionary

  • irrevocable documentary acceptance credit — A form of irrevocable confirmed letter of credit in which a foreign importer of UK goods opens a credit with a UK bank or the UK office of a local bank. The bank then issues an irrevocable letter of credit to the exporter, guaranteeing to accept… …   Big dictionary of business and management

  • letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… …   Law dictionary

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