What is IRREVOCABLE LETTER OF CREDIT?

Credit that can only be cancelled when both parties agree to. Refer to confirmed, direct pay, transferable, and standby letters of credit.

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Related Legal Terms
CONFIRMED IRREVOCABLE LETTER OF CREDIT (L/C), TRANSFERABLE LETTER OF CREDIT, STANDBY LETTER OF CREDIT, REVOCABLE LETTER OF CREDIT (L/C), PRIME LETTER OF CREDIT (L/C), RESTRICTED LETTER OF CREDIT, DIRECT PAY LETTER OF CREDIT, LETTER OF CREDIT, COMMERCIAL LETTER OF CREDIT, REVOLVING LETTER OF CREDIT (L/C)


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