Definitions for "Irrevocable Credit"
A documentary credit which cannot be amended or cancelled unless the issuing bank, the confirming bank (if any) and the beneficiary all agree to this.
Bankers' promise to pay in exchange for shipping documents covering shipment on certain terms that can not be revoked by the bank that issues it without the permission of the beneficiary.
A letter of credit under which the issuing bank gives its irrevocable undertaking that payment, acceptance or negotiation will be effected if all the terms of the letter of credit are met and the specified documents are provided. This type of letter of credit cannot be amended or cancelled without the beneficiary's consent.