Confirmed irrevocable letter of credit (L/C)

L/C that adds the endorsement of a sellers bank (the accepting-bank) to that of the buyers bank (the issuing bank). It provides the highest level of protection to the seller because not only the L/C cannot be canceled (or its terms changed) unilaterally by the buyer (the account party), but also both banks involved in the transaction guaranty its payment on its due (maturity) date.