KFO's equity investors also have contributed an unconditional, irrevocable payment guarantee.
However, attempts to sell Gulf Oil Great Britainn) to KPC failed because of irrevocable GOC guarantees given earlier in regard to bonds issued to finance the construction of refinery facilities in the UK.
The auction houses are also helping to boost the market and reduce volatility through a nifty trick called a "third-party guarantee" or "irrevocable bid", through which they sell a work before the auction for a minimum price.
In an Oct. 25 letter to Petrucci and the knights, Parretti gave his "irrevocable personal and corporate guarantee" that he and his corporations were capable of repaying the $210 million.
One potential buyer left an irrevocable pre-sale bid, guaranteeing that the painting would sell, whatever happened on the night.
Such individuals believe that securing admission to a top-flight university provides a child with an irrevocable passport to success, guaranteeing a life of uninterrupted economic mirth.
Auction houses cleaned up their act after a price-fixing scandal in the 1990s but some still engage in questionable practices, such as "irrevocable" bids, whereby third parties guarantee a sale price and take a cut if it is exceeded, but do not have to disclose if they themselves bid the price up.Given the opacity of the business, allegations of shenanigans can be hard to verify.
"We have strengthened the credibility and trust of the fund, by approving the guarantee has an irrevocable and unconditional character.
A few weeks before the auction, the house was able to secure an irrevocable bid on the sculpture, guaranteeing that it would sell.
Steven Cohen, a hedge-fund manager, agreed to consign it to Phillips in exchange for a third-party guarantee (also called an "irrevocable bid") rumoured to be from the house's principal owners, Leonid Friedland and Leonid Strunin (known in the art world as "the Leonids").
