confirmed irrevocable letter of credit


A letter of credit issued by a bank on behalf of a buyer that guarantees payment for goods received, that is also guaranteed by the bank. This type of letter of credit provides the lowest risk for the seller, since it cannot be cancelled by the buyer, and it is backed by the financial resources of the issuing bank.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
confirmation on a chart confirmed letter of credit (L/C)