Payment Guarantee

Irrevocable Letter of Credit
An irrevocable letter of credit, also known as ILOC, is a financial instrument issued by a bank guaranteeing a buyer's payment to a seller will be received on time and for the correct amount, providing the terms specified in the letter are met. It cannot be amended or canceled without the consent of the beneficiary.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.