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Irrevocable Letter of Credit

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letter of credit irrevocable 

Irrevocable Letter of Credit

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Summary: An irrevocable letter of credit differs only from a regular letter of credit in that it cannot be cancelled after it is issued and before it expires. This letter of credit is used to guarantee the buyer's payment to a seller will be made for the correct amount and at the time specified. Irrevocability is often used for international transactions and transactions where payment must be guaranteed.


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Beneficiary Name

Attn: _______________


City, State, Zip

Ladies and Gentlemen:

      At the request and for the account of [Contractor] in connection with that certain

[Agreement] (as amended from time to time, the Agreement) dated as of __________ ___, 20__ by and between Contractor and (Beneficiary Name) (Owner), we hereby establish our Irrevocable Letter of Credit No. _________ in favor of Owner in order to assure the completion of ___________________________ Project No. ________. This Letter of Credit is subject to the following terms and conditions:

1.  Expiration. This Letter of Credit is effective and expires at 5:00 p.m. EST, on the earliest to occur of:

(a) the payment by us to Owner of the final drawing available to be made under this Letter of Credit; or

(b) _________ ___, 20____ (the Expiry Date).

In the event that the Expiry Date is not Business Day (as hereinafter defined), then this Letter of Credit shall expire on the next succeeding Business Day.

2.  Maximum Amount. The maximum aggregate amount available under this Letter of Credit shall be [The Contract Amount] (USD $_______________) (as this amount may be reduced from time to time as provided below, the Stated Amount). Partial drawings are permitted. The Stated Amount will automatically be reduced by the amount of each drawing paid by us hereunder. Upon our honoring of a demand for payment hereunder pursuant to the provisions hereof, the Stated Amount shall be reduced by an amount equal to the amount of such demand for payment.

3.  Documents to be Presented. Funds under this Letter of Credit are available to Owner in one or more draws in an aggregate amount not exceeding USD $ [The Contract Amount], upon presentation by Owner of a draft in the form of Exhibit 1€ (a Draft) attached hereto accompanied by a certificate, appropriately completed and purportedly signed by the Secretary of Owner, in the form of Exhibit 2 (Secretary's Certificate) attached hereto.

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