Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval. Bloomberg Financial Dictionary
* * *
* * *
irrevocable letter of credit UK US noun [C] (plural irrevocable letters of credit) COMMERCE, FINANCE
► an agreement by a bank in a country importing goods to pay for them when the exporter asks to be paid, and that the bank cannot refuse to pay: »
Banks may advise that the best method of payment is a confirmed irrevocable letter of credit.
Financial and business terms. 2012.