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Definition

Documentary credit irrevocable

Documentary credit irrevocable is an irrevocable documentary credit is a definite undertaking by the issuing bank that the provision for payment, acceptance or negotiation embodied in the credit will be fulfilled, provided all terms and conditions of the credit are met. An irrevocable credit cannot be cancelled or amended without the consent of all parties, thus once he is in possession of an acceptable credit with which he is able to comply fully, an exporter can fulfil the sales order and shipment of goods, secure in the knowledge that this security of payment cannot be withdrawn or varied without his consent and only exceptional circumstances prevailing in the issuing bank’s country could frustrate due payment. If the irrevocable credit is also confirmed by a bank,

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