A letter of credit that can't be canceled. This guarantees that a buyer's payment to a seller will be received on time and for the correct amount.
explains 'Irrevocable Letter Of Credit - ILOC'
This is often used in international transactions.
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Posted by Muhammad Atif Saeed
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By Muhammad Atif Saeed
on 10:43. Filed under
Definitions
,
I
.
Follow any responses to the RSS 2.0. Leave a response
