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Irrevocable Letter of Credit

(Read LETTER OF CREDIT, then come back here.) 

A letter of credit, valid for a stated period of time, that may be cancelled or amended only by agreement of all parties to the credit.  The issuing bank waives its right to revoke a letter of credit prior to the expiration date, unless the consent of the beneficiary is obtained.  Fitch, Thomas P., Barron's Business Guides Dictionary of Banking Terms, 3rd Edition, ©1997, page 250.  As with any letter of credit, the wording of this letter is dictated by the ICC rules for Uniform Customs and Practice for Documentary Credits (1993 revised).

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