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ILC - Irrevocable Letter of Credit in LoC

Irrevocable Letter of Credit: All You Need to Know

To understand Irrevocable Letter of Credit, Imagin a Jordanian firm (hereinafter buyer) entered into a contract to buy reinforced steel rods from a British firm (hereinafter seller) that were needed to be delivered in two installments, the buyer requested the issuing bank to issue two letters of credit in favor of the seller, out of which one LC was realized as per the delivery of 1st installment. After which it was ...

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