Irrevocable Letter Of Credit - Example Form
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1IRREVOCABLE LETTER OF CREDIT
(Name of Bank)
(Address, include branch, if any)
(Date)
(Example Form)
Phone Number:
Contact Name:
Irrevocable Letter of Credit
Number:
Pender County Board of Commissioners
805 South Walker Street
Burgaw, NC 28425
Commissioners,
We hereby open our irrevocable credit in your favor available by your drafts at sight on us for a sum not
exceeding $
for the account of
hereinafter known as “Customer”.
When presented for negotiation, drafts must be accompanied by the signed statement of the County
Manager of Pender County that drawing is due to default or failure to perform by Customer, the
following improvements in the
Subdivision on or before the
day of
, 20
:
(List here the required improvements)
The term of this irrevocable credit is through and including the
day of
, 20
or
upon written notice from the Pender County Manager or Planning Director that the required
improvements have been timely completed, whichever is earlier.
The Pender County Manager or Planning Director will notify us when either of the following occurs:
1. The required improvements have been timely completed and the credit may be released; or
2. The Customer has failed to perform or is in default hereunder.
All drafts drawn hereunder must be marked as follows:
The amount of any draft drawn under this credit must be entered on the reverse side hereof, and
acknowledged by the Pender County Manager and this letter of credit presented to the issuing bank
along with a signed notice of failure to perform by the Customer with a list of the improvements that are
incomplete.
This Letter of Credit shall be transferable and/or assignable. This Letter of Credit, except as otherwise
expressly provided herein, is governed by the Uniform Commercial Code in force in the State of North
Carolina on the date hereof,
Very truly yours,
By:
By:
Name of Bank
Authorized Signature
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Parent category: Letters