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Web irrevocable standby letter of credit no. Internal revenue service 1248 n. Web irrevocable letter of credit templates. An irrevocable letter of credit, also known as an irrevocable letter of credit form or a. Web an irrevocable letter of credit (iloc) is a vital financial instrument in international trade, guaranteeing payment. Web an irrevocable letter of credit is a bank guarantee that pays the seller when certain conditions are met.