confirmed irrevocable letter of credit (L/C) definition

confirmed irrevocable letter of credit (L/C)

L/C that adds the endorsement of a seller's bank (the accepting-bank) to that of the buyer's bank (the issuing bank). It provides the highest level of protection to the seller because not only the L/C cannot be canceled (or its terms changed) unilaterally by the buyer (the account party), but also both banks involved in the transaction guaranty its payment on its due (maturity) date.

confirmed irrevocable letter of credit (L/C) is in the Banking, Commerce & Finance and International Trade & Relations subjects.

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