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What is an irrevocable payment?

An independent or Irrevocable Payment Undertaking (IPU), is a promise by the buyer to pay the financier the amount owed to the seller following the sale of goods or services and the creation of the receivables. It includes a waiver by the buyer of all defences against its obligation to pay the seller.

What is irrevocable standing order?

Counsel for the Appellants argued that, an Irrevocable Standing Payment Order (IPSO) is used for business convenience between parties, and that the rights and obligations of the parties remain with them, while the holder of an IPSO is just like an intermediary between a debtor and a creditor.

How does an irrevocable letter of credit work?

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.

What does irrevocable payment mean?

An independent or Irrevocable Payment Undertaking (IPU), is a promise by the buyer to pay the financier the amount owed to the seller following the sale of goods or services and the creation of the receivables. It includes a waiver by the buyer of all defences against its obligation to pay the seller.

What is ISPO in Nigeria?

Irrevocable Standing Payment Order (ISPO) \u2013 A written mandate given by the. issuer (state government) of a Sukuk to the Accountant General of the Federation.

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How does an irrevocable letter of credit work?

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.

What is standing order payment?

A standing order is a regular payment of the same amount that's paid on a specified date. It allows the bank to take money regularly from your account to pay another account. You can use a standing order for many payment types, including: Transferring money between your accounts.

What is an irrevocable payment order?

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.

What is an irrevocable standing payment order?

Counsel for the Appellants argued that, an Irrevocable Standing Payment Order (IPSO) is used for business convenience between parties, and that the rights and obligations of the parties remain with them, while the holder of an IPSO is just like an intermediary between a debtor and a creditor.

What is irrevocable payment commitment?

\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".

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