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LSDefine

Simple English definitions for legal terms

irrevocable letter of credit

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A quick definition of irrevocable letter of credit:

An irrevocable letter of credit is a document that a bank issues to guarantee payment for a transaction. Once the letter of credit is issued, it cannot be cancelled or changed without the consent of all parties involved. This means that the seller can be sure they will receive payment as long as they meet the terms of the letter of credit.

A more thorough explanation:

Definition: An irrevocable letter of credit is a financial instrument issued by a bank that guarantees payment to a seller on behalf of a buyer. Once the letter of credit is issued, it cannot be cancelled or changed without the agreement of all parties involved.

Example: A company in the United States wants to purchase goods from a supplier in China. The supplier requires payment before shipping the goods, but the buyer is hesitant to send money without any guarantee that the goods will be delivered. To solve this problem, the buyer can request an irrevocable letter of credit from their bank, which guarantees payment to the supplier once the goods are shipped. This gives the supplier confidence that they will be paid, and the buyer confidence that they will receive the goods they paid for.

This example illustrates how an irrevocable letter of credit can be used to facilitate international trade by providing a secure payment method for both the buyer and the seller.

irrevocable guaranty | irrogare

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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