Irrevocable Letter Of Credit – ILOC definition explanation

Posted on March 2, 2009 by admin

What is Irrevocable Letter Of Credit – ILOC?
A letter of credit that can’t be canceled. This guarantees that a buyer’s payment to a seller will be received on time and for the correct amount. Read more for examples and further explanation including related video clips and also comments

Example explains Irrevocable Letter Of Credit – ILOC
This is often used in international transactions.

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