Copyright © Philip M. Parker, INSEAD. Terms of Use.
| Domain | Definition |
Economics | A letter of credit which cannot be amended or canceled without prior mutual consent of all parties to the credit. (references) |
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 both the buyer and the seller. (references) |
Source: compiled by the editor from various references; see credits. | |
| Subject | Topic | Quote |
Business | The most secure means of payment is cash in advance or an irrevocable letter of credit. (references) | |
For transactions with unknown parties, payment is usually made by irrevocable letter of credit. (references) | ||
It is recommended that foreign suppliers sell to all buyers only against a bank irrevocable letter of credit. (references) | ||
Economic History | Kazakhstan | It is advisable to start transactions on an irrevocable letter of credit basis. (references) |
Chad | Commercial transactions should be made through an irrevocable letter of credit confirmed by a reputable bank. (references) | |
Saudi Arabia | An irrevocable letter of credit (L/C) is the instrument normally used for Saudi imports; open account, cash in advance and documentary collection are also acceptable if both parties agree. (references) | |
Trade | Guinea | If not, exporters are encouraged to insist upon an irrevocable letter of credit before shipping products to Guinea. (references) |
Pakistan | The preferred means of payment for imports into Pakistan are against a confirmed irrevocable Letter of Credit (L/C). (references) | |
Chile | Payment to suppliers is often made via an irrevocable letter of credit from a Chilean Commercial bank to the supplier. (references) | |
Travel | Guinea | The key to sales in the mining, donor project, and general markets are French language ability, patience with the long selling time necessary, and very clear contractual terms, including an irrevocable letter of credit and/or advance payment on a U.S. bank. (references) |
Source: compiled by the editor from ICON Group International, Inc.; see credits. | ||
| The following statistics estimate the number of searches per day across the major English-language search engines as identified by various trade publications. Hyperlinks lead to commercial use of the expression at Amazon.com. |
| Expression | Frequency per Day |
irrevocable letter of credit | 23 |
| Source: compiled by the editor from various references; see credits. | |
| Language | Translations for "IRREVOCABLE LETTER OF CREDIT"; alternative meanings/domain in parentheses. | |
Russian | безотзывный аккредитив. (various references) | |
| Source: compiled by the editor from various translation references. | ||
Copyright © Philip M. Parker, INSEAD. Terms of Use.
