Definitions for "IRREVOCABLE"
Something that cannot be legally undone, altered, amended, revoked, or terminated.
Cannot be revoked or cancelled without the agreement of all parties to the transaction.
Not able to be undone.
Cannot be rescinded or changed. An irrevocable trust is a necessity for exempt approval of a group pension scheme.
An agreement which cannot be cancelled unless all the parties concerned agree to do so. For instance, an irrevocable letter of credit, once issued, cannot be amended or cancelled without the agreement of all the named parties. Français: Irrévocable Español: Irrevocable
Unalterable, not to be changed or annulled.
A letter of credit is an undertaking, which may or may not be made irrevocable, by the customer's bank to pay a stated sum of money to the exporter, provided certain specified conditions are met including the receipt of the necessary documentation relating to the transaction.
An arrangement that cannot be broken except under very limited and unusual circumstances.