How Much Does an Irrevocable Letter of Credit Cost?

An irrevocable letter of credit (L/C) is typically used to ensure that payments to a seller are made on time and in the right amount.  Commonly used in international commerce, irrevocable L/Cs are, as the name suggests, cannot be canceled.  They work as a guarantee that a debtor’s payment to a creditor will be paid in a timely manner and in the full amount.  L/Cs can be costly; thus, there needs to be full awareness of the method before entering into any deal.

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