Inherent Vice

The propensity of a commodity to self-destruction which gives rise to a high insurance risk, therefore cover is given only after payment of an additional premium (e.g. fruit rots, coal-dust spontaneously ignites).

International Chamber of Commerce (ICC)

The international body which promotes and facilitates world trade, and which codifies world trade practices in various publications - see ICC Rules?under Introduction to International Trade.

Irrevocable Credit

Constitutes a definite undertaking of the issuing bank and the confirming bank, if any, to honour the credit provided the terms of the credit are observed. It may be advised to the beneficiary without engagement by the advising bank, and cannot be amended or cancelled unless the issuing bank, the confirming bank and the beneficiary agree.

Issuing Bank

The bank that opens a documentary credit at the request of its customer, the applicant.