| INCO terms (international contract trade terms) |
| These are official trade shipping terms agreed by the International Chamber of Commerce, Paris. |
| Irrevocable Letter of Credit |
| This is a letter of credit that cannot be changed or withdrawn or revoked without everyone involved agreeing (buyer, seller and banks). |
| ISP98 |
| International Standby Practices (ISP98) developed by the International Chamber of Commerce as the rules that govern the operation of Standby Letter of Credit transactions worldwide. |
| Issuing Bank |
| The bank that issues a Letter of Credit on behalf of the Importer. |
