irrevocable letter of credit

(banking) A letter of credit which cannot be amended or canceled without prior mutual consent of all parties to the credit. Such a letter of credit guarantees payment by the bank to the seller/exporter so long as all the terms and conditions of the credit have been met.
Documentary letters of credit issued subject to the Uniform Customs and Practice for Documentary Credits (UCPDC) Publication No. 500 are deemed to be irrevocable unless expressly marked as revocable. See letter of credit.

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