Business, Legal & Accounting Glossary
A letter of credit issued by a bank on behalf of a buyer that guarantees payment for goods received, that is also guaranteed by the bank. This type of letter of credit provides the lowest risk for the seller, since it cannot be cancelled by the buyer, and it is backed by the financial resources of the issuing bank.
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Definitions for Confirmed Irrevocable Letter Of Credit are sourced/syndicated and enhanced from:
This glossary post was last updated: 20th November, 2021 | 0 Views.