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An irrevocable letter of credit cannot be changed or cancelled unless everyone involved agrees. Irrevocable letters of credit provide more security than revocable ones.
Irrevocable Master Fee Protection Agreement (IMFPA).
It is an irrevocable and binding legal agreement between a buyer, a seller and a business broker. In an IFPA, the objective is to enter into a private agreement on the placement or purchase of a commodity or other commodity that has been clearly identified and negotiated in bulk.
Irrevocable Letter of Credit (ILOC) \u2014 the ILOC or standby letter of credit is a contractual agreement between a financial institution (a bank) and the party to which the letter is issued. It requires the bank to pay against drafts meeting the terms of the letter of credit.
An irrevocable letter of credit (ILOC) is an official correspondence of a bank that guarantees payment for goods or services purchased by the natural or legal person designated as the applicant who requests the letter of credit from an issuing bank.
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\u201c(iv) ' Irrevocable Payment Commitment (IPC)' means irrevocable confirmation issued by the custodian bank in favour of a stock exchange / clearing corporation of a stock exchange on behalf of its customers, to meet the payment obligation arising out of a 'buy' transaction".
An irrevocable letter of credit cannot be canceled, nor in any way modified, except with the explicit agreement of all parties involved: the buyer, the seller, and the issuing bank. For example, the issuing bank does not have the authority by itself to change any of the terms of an ILOC once it is issued.

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