Letters of CreditAn Irrevocable Standby Letter of Credit may help facilitate your business transactions when your own credit may be unknown or not readily accepted. Like other Letters of Credit, Irrevocable Standby Letters of Credit provide a bank's name and credit support for specific transactions. Irrevocable Standby Letters of Credit are used as monetary assurance that will fulfill the terms of your contract. They are structured specifically for your industry and are often used instead of cash deposits or as performance or bid bonds in domestic transactions.