Irrevocable Letter Of Credit

Summary of Irrevocable Letter Of Credit

See Letter of Credit.

(Main Author: William J. Miller)

Irrevocable Letter of Credit in International Trade

Meaning of Irrevocable Letter of Credit, according to the Dictionary of International Trade (Global Negotiator): A letter of credit that cannot be amended or canceled without prior mutual consent of all parties to the credit. Such a letter of credit guarantees payments by the bank to the exporter/seller so long as all the terms and conditions of the credit have been met. Documentary letters of credit issued subject to the Uniform Customs and Practice for Documentary Credits (UCODC) Publication No. 500 of ICC, are deemed to be irrevocable unless expressly marked as revocable. See letter of credit. Model of Irrevocable Letter of Credit.