This is a letter of credit that cannot be changed or is withdrawn without everyone involved agreeing (buyer, seller and banks).
Letter of credit that cannot be amended or canceled without agreement of both the beneficiary and the issuing bank. Any letter of credit subject to the UCP500 or to US law is irrevocable unless it specifies otherwise.
A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee. Compare Revocable letter of credit.
A letter of credit that once issued can only be cancelled with the consent of all parties to the credit including the beneficiary.
Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.
A letter of credit which cannot be amended or canceled without prior mutual consent of all parties to the credit.
A letter of credit in which the bank guarantees the specified payment if all terms and conditions are not met by the drawee.
Letter of Credit with a fixed expiry date that carries the irrevocable obligation of the issuing bank to pay the exporter when all of the terms and conditions of the Letter of Credit have been met.
A letter of credit used in international transactions, guaranteeing payment to the seller if the seller meets all the specified conditions.
