Dictionary of Business Terms: irrevocable
irrevocable
incapable of being recalled or revoked, unchangeable. For example, a bank issues an irrevocable Letter Of Credit (L/C) stating that if the terms of the contract are met, the bank will lend the money requested.
Dictionary of Finance and Investment Terms: irrevocable
irrevocable
something done that cannot legally be undone, such as an irrevocable trust.
Dictionary of Insurance Terms: irrevocable
irrevocable
something that cannot be changed. In life insurance, a beneficiary who has been named as irrevocable cannot be changed without his or her formal (written) permission.
Dictionary of Real Estate Terms: irrevocable
irrevocable
incapable of being recalled or revoked; unchangeable.
Example: The bank issued an irrevocable letter of credit stating that if the terms of the contract were met the bank would lend the money requested.
