irrevocable
Definition
Irrevocable means permanent and impossible to cancel, change, or take back once you have agreed to it. When you sign something irrevocable, you are giving up your right to change your mind no matter what happens later.
Example
If you set up an irrevocable trust for your business assets, you cannot reclaim those assets even if your financial situation changes dramatically down the road.
Watch Out
Before signing anything labeled irrevocable, talk to a lawyer because you may be locking yourself into an agreement that could seriously hurt you years from now.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.