This type of letter of credit entails a guarantee from the issuing bank of the specified payment if the drawee complies with all conditions.

How does an Irrevocable letter of credit work?

ILOCs offer buyers and sellers security through their respective banks. The buyer does not have to pay anything until the cargo is shipped. As long as the seller meets the conditions of the letter, he or she will be paid. The ILOC is based on the details of the letter and the attached documents. There are, however, the same basic elements in every LC. Listed below are these elements and conditions.

  • The bank guarantees payment
  • The LC is issued on behalf of the buyer to pay the seller the specified amount
  • Verification of a supply of goods/services requires a specific set of documents
  • Dates, locations, time limit, and method of payment must be specified
  • The attached documents must meet the terms of the LC

Unlock the Benefits of FreightMango

Instant Quotes

Don't wait days or weeks. Get quotes instantly and compare offers in real time to find the best rate for you.


Book Online

Sort out your shipping online with a few clicks.


Document Management

Manage your shipping documents online, 24/7. Communicate and collaborate with internal and external stakeholders all in one place.


Track and Trace

Track your shipments 24/7 and provide accurate estimated delivery times.


Stay Consistent

Keep your shipping consistent and meet your delivery commitments by managing everything in FreightMango.

Sounds Good?

Start by searching a quote

From where to pick up?
From where to pick up?

Miles / Range

100 miles

To where to drop off?
To where to drop off?

Miles / Range

100 miles

How are you shipping?
How are you shipping?
  • Calculate by piece
  • Calculate by total

1 Unit,   0.00 CBM,   0.00 KG

Shipment Total : 1 Box,   0.0000 CBM,   0.00 KG

Shipment Total : 1 Box,   0.0000 CBM,   0.00 KG

How are you shipping?
  • Calculate by piece
  • Calculate by total

1 Unit,   0.00 CBM,   0.00 KG

Shipment Total : 1 Box,  VWT 0.0000 KG,   0.00 KG

Shipment Total : 1 Box,   VWT 0.0000 KG,   0.00 KG

How are you shipping?
How are you shipping?
When are you shipping?
What are you shipping?