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Glossary   >   I   >   "Irrevocable Letter Of Credit - ILOC" Definition            Irrevocable Letter Of Credit - ILOC A letter of credit that cannot be canceled. This guarantees that a buyer"s payment to a seller will be received on time and for the correct amount. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Irrevocable Letter Of Credit - ILOC - A letter of credit that cannot be canceled. This guarantees that a buyer"s payment to a seller will be received on time and for the correct amount.