irrevocable letter of credit (L/C)
Definition
Firm commitment by an issuing bank to pay an accepting bank a specified sum in a specified currency, provided the conditions included in the L/C document are met within a specified timeframe. This L/C cannot be canceled (or its terms amended) without the seller's (beneficiary's) prior written approval, and comes usually as a confirmed irrevocable letter of credit.
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irrevocable letter of credit (L/C) is in the Accounting & Auditing, Banking, Commerce & Finance and International Trade & Relations subjects.
irrevocable letter of credit (L/C) appears in these other term: confirmed irrevocable letter of credit (L/C)
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