Sample Irrevocable Letter Of Credit Template For Maintenance printable pdf download

SAMPLE IRREVOCABLE LETTER OF CREDIT FOR MAINTENANCE

ISSUER:

DATE OF ISSUE:

NAME:

LETTER OF CREDIT NO.:

ADDRESS:

APPLICANT:

PHONE NUMBER:

NAME:

PHONE NO.:

BENEFICIARY:

City of Salisbury

125 North Division St.

Salisbury, Md. 21801-4940

Re:

Project Name

AMOUNT:

Location

EXPIRY DATE:

To Whom It May Concern:

We hereby issue this Irrevocable Letter of Credit in favor of the City of Salisbury, which is available by one or more sight

drafts drawn on us accompanied by the following:

1. The original of the Letter of Credit.

2. A written statement signed by the authorized representative of the City of Salisbury, that the draft is drawn

under Issuer’s Letter of Credit No.

3. The amount of the draft is

The sum or sums of all drafts drawn under this Letter of Credit must not exceed in total $

This credit is available and drafts must be drawn hereunder for the account of

Whereas, said Obligee has entered into a certain agreement with the City of Salisbury, a portion of which requires a 2

(two) year maintenance period covering workmanship and materials which improvements have been completed and

accepted. Now, therefore, if said improvements shall be free from defects of workmanship and materials, general wear

and tear excepted, for a period of 2 years from date of written final acceptance, then this obligation shall be null and void;

otherwise to remain in full force and effect. All other terms and conditions remain unchanged.

This Letter of Credit sets forth the full terms of Issuer’s obligation to the City of Salisbury. It is separate from and shall

not be subject to or supplemented or modified by any agreement which refers to this Letter of Credit or to which this

Letter of Credit relates.

Except as otherwise stated, this Letter of Credit is governed by the Maryland Uniform Commercial Code and is subject to

the Uniform Customs and Practice for Documentary Credits (Latest Revision) International Chamber of Commerce (latest

Publication). In case of conflict between the Maryland Uniform Commercial Code and the Uniform Customs and Practice

for Documentary Credits, the Maryland Uniform Commercial Code shall control.

We hereby agree to honor each draft drawn under and in compliance with the terms of this Letter of Credit if duly

presented at the address of Issuer given above on or before the expiry date set forth above.

_________________________

Signature of Bank Official

Name:

Title:

Phone No.:

S:\Public_Works\Engineer\MASTER\Sample Letters\LOC Maintenance Sample.doc

Revised 6-26-08

Sample Irrevocable Letter Of Credit Template For Maintenance

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