irrevocable letter of credit
noun[C]
COMMERCE,FINANCEukuspluralirrevocable letters of creditanagreementby abankin acountryimportinggoodstopayfor them when theexporterasksto bepaid, and that thebankcannotrefusetopay:
Banks mayadvisethat thebestmethodofpaymentis aconfirmedirrevocableletterofcredit.