An Irrevocable Letter of Credit (L/C) (or Irrevocable Credit) is a guarantee for payment issued by a bank for goods and services purchased that the issuing bank cannot cancel or amend without the beneficiary’s prior written approval, its obligation to pay the credit provided the conditions included in the Letter of Credit (L/C) Letter of Credit (L/C) document are met within a specified time frame.
Related Definitions in the Project: The Procurement; Project Contract
