OA 447 (08/14/2017)
For-Hire Operating Authority Certificate or License
Irrevocable Letter of Credit
Broker for the Transportation of Passengers
Passenger Carrier
1. ,
being authorized to conduct business in the Commonwealth of Virginia, hereby establish as an Irrevocable Letter of
Credit ( ) in favor of persons described in Paragraph 2, providing written notice of a final
judgment, to pay any liabilities up to an aggregated amount of twenty five thousand dollars ($25,000) hereafter found to
be due from under Chapter 20 of Title 46.2 of the
Code of Virginia, as the same may be from time to time amended, modified, recodified, or otherwise rewritten. By these
presents, Financial Institution firmly binds itself, its heirs, administrators, successors and assigns to make effective
payment due from Principal as to fraudulent practices or representations, or loss or damage resulting from a breach of
contract, or violations of any provision of Chapter 20 of Title 46.2 of the Code of Virginia occurring on or after the
day of , , hereafter referred to as the effective date.
2. Said payment shall be made upon written notice of final judgment from a court of competent jurisdiction
against the Principal for fraudulent practices or representations, or loss or damage from a breach of contract, or violations
of any provision of Chapter 20 of Title 46.2 of the Code of Virginia. Any demand or presentment made under and in
compliance with the terms of this letter of credit shall be duly honored by the Financial Institution, as specified, covering
fraudulent practices or representations, or loss or damage from a breach of contract, or violations of any provision of
Chapter 20 of Title 46.2 of the Code of Virginia occurring on or after the above stated effective date and on or before the
day of , hereinafter referred to as the expiration date, or any extended expiration
date of this Irrevocable Letter of Credit as set forth below.
3. This Irrevocable Letter of Credit shall be deemed automatically extended annually without amendment for a
period consistent with the letter of credit requirements delineated in Chapter 20 of Title 46.2 of the Code of Virginia, with
approval of the Commissioner of the Department of Motor Vehicles for an additional period of one year from the above or
any extended expiration date unless the Financial Institution shall notify the Commissioner, by registered mail
postmarked sixty (60) days prior to such expiration date or from any future expirations date, that the Financial Institution
elects not to renew this Irrevocable Letter of Credit for such additional period. Such annual election shall not relieve,
release, or discharge the Financial Institution from any obligation under this Irrevocable Letter of Credit for any loss or
Financial Institution
number
Principal -- Legal Entity
Year
Year
