Irrevocable Letter of Credit
From Open Risk Manual
Definition
Irrevocable Letter of Credit. (IRDLC) It is a document issued from the buyer's financial institution to the vendor which guarantees payment upon the presentation of the agreed documentation. As an irrevocable document, it cannot be canceled. The buyer's financial institution is legally obligated to make payment at such time as the beneficiary fulfills the terms set out in the letter of credit.
