Irrevocable Letter of Credit (MT700) – Lock Payment Terms
Full Bank Commitment Non-Cancellable Payment Guarantee | Trade Security for Buyers & Sellers | SWIFT MT700 Global Issuance
⚠️ Want Absolute Certainty Your Payment Terms Won’t Change?
Last quarter, an exporter’s buyer tried to cancel an issued LC mid-deal. Fortunately, they used an Irrevocable LC structured by NNRV. The bank stood firm—and the exporter received the full $2.4M on time.
🧠 “With NNRV’s Irrevocable LC, we knew the buyer couldn’t back out. It’s now our trade standard.” – Marco V., Food Commodity Exporter
What is an Irrevocable Letter of Credit (LC)?
An Irrevocable Letter of Credit is a non-cancellable LC that legally binds the issuing bank to honor the payment—as long as the seller complies with the terms. Neither party (buyer or issuing bank) can amend or cancel it unilaterally.
At NNRV Trade Partners, we structure and issue Irrevocable LCs via SWIFT MT700 through certified financial institutions under full compliance with ICC UCP 600 standards. It is the most trusted LC type in global trade.
🧠 “Our contracts now demand Irrevocable LCs. NNRV’s service gave us leverage and security.” – Gladys B., Renewable Energy Supplier
Key Benefits of Irrevocable LC
✅ Non-Cancellable Commitment – Payment guaranteed once documents are compliant.
✅ Full Legal Protection – Enforceable under ICC UCP 600 globally.
✅ Trust Builder – Enhances commercial confidence with new partners.
✅ Risk Reduction – Secures both exporter and importer obligations.
✅ Bank-Backed Certainty – Cannot be withdrawn without consent.
How Does an Irrevocable Letter of Credit Work?
Buyer Requests LC with “Irrevocable” Clause – Specifies MT700 issuance.
Bank Issues Irrevocable LC – Confirming terms are binding and non-amendable unilaterally.
Seller Ships & Presents Documents – Compliant with LC requirements.
Bank Verifies & Confirms – Obligated to pay upon verification.
Payment Released to Seller – At sight or on maturity, per terms.
📂 Documents Required for Irrevocable LC Issuance
To issue an Irrevocable LC, we verify all parties and structure the LC precisely. Required documents include:
📌 Signed Trade Contract – Including clause for Irrevocable LC usage.
📌 Proforma or Commercial Invoice – Showing terms of sale.
📌 Company Legal Docs – Business license, registration certificate.
📌 2 Years Financial Statements – For due diligence.
📌 Shipping Instructions – Port, Incoterms, dates, methods.
📌 Compliance Info – Bank account details, KYC/AML form.
🏦 Detailed Table: Approved Banks for Irrevocable LC (MT700)
We work with top-tier financial institutions and banking partners for the issuance of Irrevocable Letters of Credit (MT700), ensuring global coverage and reliability.
| Bank Name | SWIFT Code | Advantages | Disadvantages | Issuance Fees | Issuance Time | Min. Transaction | LC Types |
|---|---|---|---|---|---|---|---|
| HSBC Hong Kong | HSBCHKHHXXX | Non-cancellable commitment, strong compliance | Premium fees | 0.5–1% | 1–5 days | $1M | Sight, Irrevocable, Confirmed |
| BNP Paribas HK | BNPAHKHHXXX | Global trust, ideal for non-cancellable trade | Additional KYC steps | 0.5–0.8% | 2–6 days | $1M | Irrevocable, Transferable |
| Credit Foncier GmbH | CFEGDE82 | Strong EU compliance, legal clarity | Conservative on emerging deals | 0.6–1% | 2–7 days | $500K | Irrevocable, Confirmed |
| ICBC HK | ICBKHKHHXXX | High-volume capacity, firm legal support | Slow for amendments | 0.5–0.9% | 2–7 days | $1M | Irrevocable, Usance |
| ABC Bank Mauritius | ABCKMUMU | Quick execution for Africa–Asia flows | Lower international recognition | 0.5–0.6% | 2–5 days | $250K | Irrevocable, Usance |
(📩 More issuing banks available depending on your project scope.)
🎯 Why Use an Irrevocable LC?
| 🔒 Feature | ✅ Benefit |
| Non-Cancellable | Fixed payment commitment |
| Global Legal Compliance | ICC UCP 600 enforceability |
| Secure for All Parties | Buyer, seller, and bank protected |
| Trade Confidence Booster | Increases partner trust |
| No Risk of Withdrawal | Terms fixed once issued |
🛠️ Our 5-Step Process
Submit trade and compliance documents
We structure the LC with irrevocable terms
Approve the draft LC
Pay fees and confirm issuance
SWIFT MT700 LC delivered within days
🔍 Irrevocable LC vs Other Instruments
| Instrument | Trigger | Best Use Case | Seller Protection |
| Irrevocable LC | Compliant Documents | Guaranteed payment trades | 🔒🔒🔒🔒🔒 |
| Revocable LC | Buyer or bank discretion | Rare, unsecure trades | 🔒 |
| SBLC | Buyer default | Risk backup & flexibility | 🔒🔒 |
| Confirmed LC | Dual bank commitment | Risky jurisdictions | 🔒🔒🔒🔒 |
Why Choose NNRV Trade Partners for Irrevocable LC Issuance?
🔒 Certified MT700 Issuance – Fully SWIFT-compliant
🌍 Access to Global Banks – Top-tier LC network
📄 Legal Structuring – Drafted to prevent withdrawal or amendment
✅ Full Transaction Support – From draft to payout
📁 Pre-Issuance Verification – Prevents delays and rejections
💲 Important Notes on Fees
LC fees vary by:
• Bank selected
• Transaction size and risk
• Jurisdiction
🔹 Talk to our trade experts for an exact quote.
🧠 Real Testimonials
“We won a $4M deal because the buyer trusted our Irrevocable LC.”
– Thierno D., Oil & Gas Equipment – Senegal
“NNRV’s team explained every clause—zero risk, fast issuance.”
– Isabella G., High-End Furniture Export – Italy
📚 What Makes Us Different?
✔️ SWIFT Connectivity in 40+ Countries
✔️ ICC Structuring Experts
✔️ 100% Legally Enforced LC Terms
✔️ Irrevocable from Day One
✔️ Transparent Pricing – No hidden clauses
📌 From $250K to $50M+ fully guaranteed LC deals
❓ Top 5 FAQ – Answered by Experts
Can a buyer cancel an Irrevocable LC? No. Once issued, it requires consent from all parties to be modified or canceled.
Is an Irrevocable LC the safest option? Yes. It offers the highest level of security when properly structured.
Can I use Irrevocable LC for partial shipments? Yes, if terms permit. We can structure it accordingly.
Are they accepted worldwide? Absolutely. They are the international standard under UCP 600.
What if I need confirmation too? We can add confirmation with a second bank for extra protection.
🔗 Related Services
• Confirmed LC
• Transferable LC
• SBLC (MT760)
• Export Credit Insurance
• LC Amendment Support
• Trade Compliance Assistance
📖 Strategic Blog Posts
• Irrevocable LC vs Revocable LC – What’s the Real Risk?
• Why Buyers Trust Sellers Using Irrevocable LCs
• How to Avoid Payment Reversal in Trade Deals
🚀 Request Your Irrevocable LC Today!
Make your payment terms non-negotiable. Protect your contracts with confidence through an Irrevocable LC from NNRV.
📩 Book Your LC Structuring Call
☎️ Speak with a Trade Finance Expert | 🌍 Trusted Worldwide | ✅ 100% SWIFT MT700 Delivery