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Irrevocable Confirmed Letter Of Credit. An irrevocable letter of credit is when an bank representing an importer agrees to pay the seller the exporter for an international transaction. Under a confirmed letter of credit irrevocable payment undertaking comes from not only from the issuing bank but also from the confirming bank as well.
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By setting a policy of shipping only against cash in advance US. They are Commercial Export Import Transferable and Non-Transferable Revocable and Irrevocable Stand-by Confirmed and Unconfirmed Revolving Back to Back Red Clause Green Clause Sight Deferred Payment and Direct Pay LC. Irrevocable letters of credit give much more payment security to the beneficiaries than revocable letters of credit because of the reasons explained above.
Additional Information Letters of Credit LCs are binding contracts issued by a Buyers bank that specify terms between the Buyer Importer and Seller Exporter.
A confirmed letter of credit is a guarantee a borrower gets from a second bank in addition to the first letter of credit. An irrevocable letter of credit is when an bank representing an importer agrees to pay the seller the exporter for an international transaction. A revocable credit is one which can be cancelled or amended by the issuing. Confirmed Letter of Credit.
