Irrevocable at Sight Letter of Credit (L/C) Definition.
Firm commitment by an issuing bank to pay an accepting bank a specified sum in a specified currency, provided the conditions included in the L/C document are met within a specified time frame. This L/C cannot be canceled (or its terms amended) without the seller's (beneficiary's) prior written approval, and comes usually as a confirmed irrevocable letter of credit. Also called irrevocable credit.
You will have full total amount after presenting all needed document.
Firm commitment by an issuing bank to pay an accepting bank a specified sum in a specified currency, provided the conditions included in the L/C document are met within a specified time frame. This L/C cannot be canceled (or its terms amended) without the seller's (beneficiary's) prior written approval, and comes usually as a confirmed irrevocable letter of credit. Also called irrevocable credit.
You will have full total amount after presenting all needed document.
