Irrevocable letter of credit

Irrevocable letter of credit

A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee. Compare Revocable letter of credit.

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Part of Speech: proper noun
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Industry/Domain: Economy
Category: International trade
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irrevocable letter of credit

Banking; Investment banking

Letter of credit that cannot be changed or cancelled without the agreement of all parties, this being the norm in international trading. An irrevocable letter of credit gives the ...

irrevocable letter of credit

Financial services; General Finance

Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval.

irrevocable letter of credit

Transportation; Shipping

Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of ...

United Nations Center for International Trade Law (UNCITRAL)

Economy; International trade

An international body that drafts model laws such as the one on government procurement.

Uruguay Round

Economy; International trade

Multilateral trade negotiations launched at Punta del Este, Uruguay in September 1986 and concluded in Geneva in December 1993. Signed by Ministers in Marrakesh, Morocco, in April ...

variable levy

Economy; International trade

Customs duty rate which varies in response to domestic price criterion.

voluntary restraint arrangement (VRA)

Economy; International trade

Bilateral arrangements whereby an exporting country (government or industry) agrees to reduce or restrict exports without the importing country having to make use of quotas, ...

waiver

Economy; International trade

Permission granted by WTO members allowing a WTO member not to comply with normal commitments. Waivers have time limits and extensions have to be justified.

Washington Treaty

Economy; International trade

Treaty for the protection of intellectual property in respect of lay-out designs of integrated circuits.

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Hallstatt

Situated in the south-western shore of the Hallstätter See, Hallstatt is a scenic village with its mountain-hugging chalets, elegant church spires and ...