(Bank Letterhead)
IRREVOCABLE LETTER OF CREDIT
ISSUED BY:
ADDRESS:
PHONE NO.
BENEFICIARY: CITY OF LYNCHBURG DATE:
Engineering Division
City Hall
Lynchburg, VA 24504
ATTN: LEE NEWLAND, PE
Each draft drawn relative hereto must be marked: Drawn Under letter of credit
Number
, and be accompanied by this original letter of credit.
APPLICANT: (Name) AMOUNT:
(Address)
U.S. $
(Location)
Expiration Date:
(Type of Work)
**SEE BELOW**
We hereby open our irrevocable letter of credit No. in your favor for the account of
for a sum not exceeding U.S. $ available by your sight
drafts on us and accompanied by the following document:
• A certified statement signed by an official of Lynchburg stating that
(Applicant)
has not
satisfactorily performed its obligation to the CITY OF LYNCHBURG relating to (Type of
Work) Municipal Construction work, and that the
proceeds of the drawing will be used in providing funds for the completion of the project. Municipal
construction work by definition includes Roadway, Water, and Sewer Construction. City Project
No.
.
**This letter of credit shall be valid for a period of one year from the date hereof and shall automatically renew from
year to year thereafter unless the guarantor shall give ninety days prior written notice to the CITY OF LYNCHBURG
of its intent to terminate same at the expiration of said ninety day period. During the last thirty days in which this credit
is valid, the CITY OF LYNCHBURG may draw up to the full amount when their draft is accompanied by the
following document:
• A certified statement signed by an official of the CITY OF LYNCHBURG stating that
(Applicant)______________________________________________________________
has not
satisfactorily performed his obligation to the CITY OF LYNCHBURG relating to (Type of Work)
Municipal Construction work (City Project No.)
, that
__________________________________________
has not provided an acceptable substitute letter
of credit or deposit in escrow, and that the drawing will be held for the sole purpose of providing for
completion of the project in accordance with the CITY OF LYNCHBURG code.
We hereby engage with you that all drafts under and in compliance with the terms of this credit shall be duly honored
upon presentation and delivery at this office within the validity of the credit.
Sincerely,
___________________________
Authorized Signature
