Irrevocable Letter Of Credit Template printable pdf download

SAMPLE IRREVOCABLE LETTER OF CREDIT

(This form MAY be supplied in lieu of the $10,000 Surety Bond)

(NOTICE: It must remain on file for one (1) year after the license expiration or inactivation)

State of Tennessee

Board for Licensing Contractors

Home Improvement Section

500 James Robertson Pkwy.,

Nashville, TN 372431150

RE:

Irrevocable Letter of Credit No.___________

Effective Date:________________________

Expiration Date:_______________________

Board:

You have requested of (Name of Lending Institution) that we establish an irrevocable letter of

credit which will remain available to (Applicant) for use in conducting home improvement

residential remodeling business for which a license is being sought from the Tennessee Board

for Licensing Contractors (Board).

We hereby establish an irrevocable letter of credit for these purposes in the amount of (Dollar

Amount) which will be maintained for a period of one year from the date of license issuance,

subject to no adverse change in your financial condition.

As a condition of this arrangement, it is our understanding you will inform us and the Board of

any significant changes in your financial condition during the term of this commitment.

(Name of Lending Institution) may cancel this letter of credit by giving thirty (30) days written

notice to the Board and licensee by certified mail, of such cancellation, it being understood that

the lender shall not be relieved of liability that may have accrued under this letter of credit prior

to the date of cancellation and that claims which arise during the effective period may be filed up

to one year after this letter of credit expires.

Except so far as otherwise stated, this documentary credit is subject to the “Uniform Customs

and Practice for Documentary Credits” fixed by the International Chamber of Commerce

applicable at the date of this letter.

Yours truly,

____________________________ _______________

(Bank Officer)

(Date)

_____________________________________

(Lending Institution)

Instructions

In order to obtain a Home Improvement license, the applicant must supply a form of financial responsibility, such as a bond or a

Irrevocable Letter of Credit in the Board’s format and from an FDIC approved bank, savings and loan. For further clarification,

contact the Board office at: 8005447693 or review our website at:

Irrevocable Letter Of Credit Template