Topic: Irrevocable Confirmed Letter of Credit
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What Is an Irrevocable Letter of Credit?
An irrevocable letter of credit is a product banks offer to their corporate customers to provide business financing. It is used to secure payment between a buyer and seller. The uncommon revocable letter can be modified by the bank without ... Read More »
Source: http://www.ehow.com/about_6671293_irrevocable-letter-credit_.html...
How to Obtain an Irrevocable Letter of Credit
A letter of credit is a legally binding letter that a bank or financial institution issues on behalf of a buyer as part of an international transaction. For example, if you are a U.S. business owner who is buying a shipment of products from... Read More »
Source: http://www.ehow.com/how_6855353_obtain-irrevocable-letter-credit....
What Is a Clean Irrevocable Letter of Credit?
If a buyer prefers his bank to deal with his seller's bank, he can apply for a clean, irrevocable letter of credit. This letter states that the buyer has good credit and that the bank will forward payment to the seller's bank. These types o... Read More »
Source: http://www.ehow.com/info_7743813_clean-irrevocable-letter-credit....
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Answers to Other Common Questions
In business transactions, the seller of goods or services requires some guarantee of payment. After evaluating the buyer's creditworthiness, the buyer's bank issues a letter of credit (LC), which the buyer sends to the seller.
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Source: http://www.ehow.com/facts_6142799_unconfirmed-irrevocable-letter-...
The terms of cancellation would be contained within the letter of credit. There is probably an expiration date and some notification procedure for early termination. If not, there are probably conditions contained in the contract under whic...
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Source: http://wiki.answers.com/Q/What_is_irrevocable_letter_of_credit
Letter of Credit in international trade guaranteed by a second bank, in addition to the bank originally issuing the credit. The confirming bank agrees to pay or accept drafts against the credit even if the issuer refuses. A confirmed letter...
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Source: http://www.answers.com/topic/confirmed-letter-of-credit
A final demand for payment letter can be a very strong letter by a company that is demanding payment from one of its debtors. Despite many reminders and requests for payment, the company has not received payment from its debtors, which caus...
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Source: http://wiki.answers.com/Q/What_is_meaning_of_credit_confirmation_...
Answer Confirmed A confirmed letter of credit is when a second guarantee is added to the document by another bank. The advising bank, the branch or the correspondent through which the issuing bank routes the letter of credit, adds its under...
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Source: http://wiki.answers.com/Q/What_does_it_means_of_confirmed_letter_...
In practical terms the standby LC should be viewed more as a commercial guarantee supported by the bank rather than the prime term of trading A standby letter of credit ("Standby") is an irrevocable, binding undertaking by an Issuer (genera...
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Source: http://wiki.answers.com/Q/Difference+between+revocable+and+irrevo...
Irrevocable unconfirmed letter of credit: Bears payment undertaking of a single bank, the Issuing Bank. This type of letter of credit shields against buyer risk. It is also used when a letter of credit is a requirement of an exchange regime...
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Source: http://answers.yahoo.com/question/index?qid=20070316032833AABUcAG
