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Jan 10, 2024 · An Irrevocable Letter of Credit (ILOC) is a financial instrument used in international trade to guarantee payment to the exporter. It provides a level of security and assurance to both the buyer and the seller in a cross-border transaction. Definition of Irrevocable Letter of Credit.
Apr 9, 2019 · An irrevocable letter of credit (ILOC) is official correspondence from a bank that guarantees payment for goods or services being purchased by the individual or entity, referred to as the applicant, that requests the letter of credit from an issuing bank.
Definition of Irrevocable Letter of Credit. An irrevocable letter of credit is a financial instrument used by banks to guarantee a buyer’s obligations to a seller. It is irrevocable because the letter of credit cannot be modified unless all parties agree to the modifications.
