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LSDefine

Simple English definitions for legal terms

irrevocable letter of credit

Read a random definition: in ventre sa mere

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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JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
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