单词 | confirmed irrevocable letter of credit (L/C) |
释义 | confirmed irrevocable letter of credit (L/C)Definition L/C that adds the endorsement of a seller's bank (the accepting-bank) to that of the buyer's bank (the issuing bank). It provides the highest level of protection to the seller because not only the L/C cannot be canceled (or its terms changed) unilaterally by the buyer (the account party), but also both banks involved in the transaction guaranty its payment on its due (maturity) date. |
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