irrevocable bank letter of credit
1letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… …
2Letter of credit — After a contract is concluded between buyer and seller, buyer s bank supplies a letter of credit to seller …
3letter of credit — An obligation issued by a bank on behalf of a bank customer to a third party. There are many different kinds of letters of credit. The two most common are commercial letters and standby letters. A commercial or trade letter of credit is a bank… …
4letter of credit — An engagement by a bank or other person made at the request of a customer that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable …
5letter of credit — An engagement by a bank or other person made at the request of a customer that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable …
6irrevocable letter of credit — Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary s approval. Bloomberg Financial Dictionary * * * irrevocable letter of credit irrevocable letter of credit ➔ letter of credit * * * irrevocable letter… …
7letter of credit — documentary credit A letter from one banker to another authorizing the payment of a specified sum to the person named in the letter on certain specified conditions. Commercially, letters of credit are widely used in the international import and… …
8letter of credit — documentary credit A letter from one banker to another authorizing the payment of a specified sum to the person named in the letter on certain specified conditions (see letter of indication). Commercially, letters of credit are widely used in the …
9irrevocable — ir·rev·o·ca·ble /ir re və kə bəl/ adj: not capable of being revoked the offer was irrevocable for ten days ir·rev·o·ca·bil·i·ty n ir·rev·o·ca·bly adv Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …
10irrevocable documentary acceptance credit — A form of irrevocable confirmed letter of credit in which a foreign importer of UK goods opens a credit with a UK bank or the UK office of a local bank. The bank then issues an irrevocable letter of credit to the exporter, guaranteeing to accept… …
