top of page

What Is an Irrevocable Letter of Credit (ILOC)?

What Is an Irrevocable Letter of Credit (ILOC)?

An irrevocable letter of credit (ILOC) is a prearranged account from a lender that will guarantee payment for services or product delivered. The parties of an ILOC are the buyer, seller and lender. It guarantees the delivery of funds to the seller.

An ILOC cannot be cancelled or modified except when all parties agree. When payment in full is made by the buyer and both parties notify the lender that the payment is made and services or product is receive, the ILOC may be cancelled when lender rescinds the official letter with another.

 
 
 

Recent Posts

See All
Bail Overview

The bail system is an important part of the criminal justice system, which allows an accused person to be released from jail before their...

 
 
 

Comments


2860 South Circle Drive #G30E Colorado Springs, CO 80906

  • Facebook Social Icon
  • YouTube
  • Yelp Social Icon
  • Instagram Social Icon
  • LinkedIn Social Icon
  • Twitter Social Icon
google rview.jpg

© 2024 by Blue Force Bail Bonds LLC

bottom of page