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.
Related information about confirmed irrevocable letter of credit:
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Definition of confirmed irrevocable letter of credit (L/C): L/C that adds the endorsement of a seller's bank (the accepting-bank) to that of the buyer's bank ( the ...
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A confirmed irrevocable letter of credit has been guaranteed by both the buyer's and seller's banks. This provides added protection for the seller to ensure it ...
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Definition of 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 ...
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Definition of CONFIRMED IRREVOCABLE LETTER OF CREDIT (L/C): A letter of credit that the buyers bank and the sellers bank sign. Its high protection and ...
- Irrevocable at Sight Letter of Credit (L/C) Definition -Alibaba ...
... the seller's (beneficiary's) prior written approval, and comes usually as a confirmed irrevocable letter of credit. Also called irrevocable credit.
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Exporters who have a confirmed irrevocable letter of credit generally do not need the additional protection of export credit insurance. From the exporter's point of ...
- irrevocable letter of credit noun - definition in Business English ...
Banks may advise that the best method of payment is a confirmed irrevocable letter of credit. (Definition of irrevocable letter of credit noun from the Cambridge ...
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The example of a confirmed irrevocable letter of credit in figure 13 illustrates the various parts of a typical letter of credit. In this sample, the letter of credit was ...