irrevocable letter of credit
- A communication issued by a bank that guarantees payment to a party and cannot be altered or dismissed without the agreement of the bank's client or the entity receiving the payment
- The supplier required the buyer to provide an irrevocable letter of credit to ensure payment for the goods.
- The company used an irrevocable letter of credit to secure their foreign transactions.
- The bank issued an irrevocable letter of credit as a guarantee for the completion of the construction project.
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