irrevocable letter of credit

noun [C] (plural irrevocable letters of credit) COMMERCE, FINANCE

Definition

› an agreement by a bank in a country importing goods to pay for them when the exporter asks to be paid, and that the bank cannot refuse to pay: Banks may advise that the best method of payment is a confirmed irrevocable letter of credit.

(Definition of irrevocable letter of credit noun from the Cambridge Business English Dictionary © Cambridge University Press)

+ Free Dictionary Toolbar for Browsers
+ Add Dictionary Search to iGoogle and your website

+ Become a fan on Facebook
+ Follow us on Twitter!

Browse the Thesaurus

Business
Clothes
Education
Finance
Light and colour
Personal care

Our dictionaries

British English
American English
Business English
Learner's Dictionary
Essential British English
Essential American English
English-Spanish
Español-inglés
English-Turkish

Browse the Dictionary

irredeemable stock noun
irregular adjective
irregularity noun
irretrievable adjective
irrevocable adjective
irrevocable letter of credit noun
IRS abatement noun
IRS audit noun
IRS deadline noun
IRS extension noun
ISA noun

Word of the Day

hold water

If a reason, argument or explanation holds water, it is true

Word of the Day ►

Blog

Read our blog about how the English language behaves.

Learn More ►

New Words

Find words and meanings that have just started to be used in English, and let us know what you think of them.