From Longman Business Dictionaryirrevocable letter of creditirˌrevocable ˌletter of ˈcreditFINANCE a letter of credit that the importer’s bank cannot refuse to pay, even if, for example, the importer says there is a problem with the goodsThe irrevocable letter of credit confirmed on a US bank surely saved us from a very bad debt situation. → letter of credit
